Ferrovial responds to the Government: The economic reasons motivating his social transfer to the Netherlands are “sufficient and well known” and insists there are no tax advantages or disadvantages for the company or shareholders with this transaction, which will be voted on at the shareholders’ meeting this Thursday.
railway He does not share the viewpoint expressed by the Minister of State for the Economy in his letter.Gonzalo García Andrés questions the alleged economic motivation of the group and considers that there are regulatory and other insurmountable issues that justify its transfer to the Netherlands as a previous step in listing common stocks in the US.
As Ferrovial’s outbound communications director Francisco Polo insisted in his remarks to Onda Cero, this transfer will have a neutral tax impact for the company and the path chosen is safe, proven and the same as that of other European companies.
“The economic reasons behind Ferrovial’s decision are well known,” he stressed, noting that the three main “proxy advisors” or voting advisors there, the ISS, Glass Lewis or Corporance, performed extensive analysis and overlapped. They recommend voting in favor of the proposal, as they understand that there are many economic reasons.
Ferrovial thinks that This operation will increase its ability to compete in international markets.; will provide more liquidity to action; will have a higher capitalization; more visibility and better financing conditions with international investors. “These are the obvious reasons for us,” he said.
When asked whether Ferrovial needs to verify that the transfer did not occur in order to gain tax benefits, in order to take advantage of the exemption from taxation of hidden capital gains arising from the Treasury operation, otherwise it may subsequently refuse these exemptions, Ferrovial understands: it does not and neither There are no tax advantages or disadvantages for the company or shareholders.
The group, headed by Rafael del Pino, assures that this transfer will provide an advantage to the Spanish community, as it will compete against infrastructure giants on better terms; it will multiply the drag effect for the SMEs it includes in these projects; protect employment (5,500 people); activity; projects; investments and their list on Ibex 35.
It also confirms that the group will continue in Spain as it has been so far, the management team of the construction site will continue in Spain, and the pool of engineers, geologists and construction and concession professionals will continue to be Spanish. .
“Ferrovial is not leaving Spain as it is”, insisted the company spokesperson.
Government insists on alternative
In a letter to Ignacio Madridejos, Ferrovial’s CEO, asking to be briefed at the meeting, the government assures that shareholders and the company must know: There is an alternative route to this social transmission to achieve your strategic goal of being listed in the US.
In this case, as the Minister of State for the Economy stated in his statements to Onda Cero, the Government expressed the will of the CNMV and BME to accompany them on this path.
The government, in a letter sent this Monday, demands that such an important decision be made with full knowledge and knowing. “No economic reason” The points that justify this decision, as the procedure for listing in the USA with common shares from Spain does not differ in any way with other European countries.
Since the tax regime to be applied will depend on this, the existence of an economic motivation is important.