On Thursday the 13th, just three days before the Ferrovial shareholders meeting, when the board of directors must decide on the takeover proposal. Holland According to Iberian press El País and confirmed by EL PERIÓDICO, the headquarters of the Spanish multinational company, the Ministry of Economy, sent a letter to the company headed by Rafael del Pino, warning that the decision had “no economic reasons”. group.
The letter that El País had access to was signed by the Minister of Foreign Affairs for the Economy. Gonzalo Garcia Andresand to the CEO of Ferrovial, Ignacio Madridejos. In it, it is transferred from the analysis, as opposed to what is maintained by the company itself. Spanish Stock Exchanges and Markets (BME), the National Securities Market Commission and the Ministry of Economy itself do not conclude that a transfer of this headquarters is necessary for a Spanish company to be directly listed on the stock exchange. NYSE. As explained in the letter itself, the purpose of the letter is “to adequately inform the General Assembly about the different options and possible risks or contingencies in this area”.
double listing
As departmental sources, chaired by Nadia Calviño, explain, the purpose of the letter is to emphasize that there are no barriers to being listed, both in Spain and in the US, and no country in the European Union. these sources.. They underline that there are no legal, regulatory, supervisory or operational barriers to this dual listing. Through this letter, Economy also wants to send a message to Ferrovial and other companies that might consider accessing this information. new york stock market To underline the commitment of Spanish institutions to “facilitate and promote” this double listing (in Spain and the USA).
“As we have repeatedly stated, both the Ministry and the CNMV and BME are determined and willing to facilitate Spanish companies’ access to these markets through appropriate action. Actually, BME is already different ‘transfer agent‘Americans to explore a possible path’Double Listing’ [cotización en dos mercados de valores simultáneamente] In the letter that El País has access to, García de Andrés confirms that there is “a Spanish listed company from our country”.
The economy, at least for the time being, does not proceed on the possible consequences of not recognizing the existence of an “economic motivation” for the transfer of the headquarters of the Spanish multinational company. The letter simply presents its arguments and offers the company cooperation so that it does not leave. In any case, if the Spanish administration were to determine what essentially existed after the transfer decision, a tax motivation (saving from paying taxes) – something that the company categorically rejects – yes, there may be consequences against the company as it cannot take advantage of the tax advantages offered by the merger regime in corporate tax.
Source: Informacion
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