Norway’s sovereign wealth fund Norges Bank will vote as a shareholder railway opposite Relocation of its headquarters from Madrid to Amsterdam at the general assembly meeting on Thursday in the capital of Spain and the future plans of the Spanish multinational company will be decided. Ultimately controlled by the Norwegian Government, the fund justifies that the corporate move did not “maximize” returns for company shareholders and is positioned against a change of headquarters. Norges Bank’s subsidiary holds 1.5% of the Spanish construction company’s capital and is worth around 300 million euros. “When evaluating corporate transactions, we will also consider whether there is sufficient transparency to make a fully informed decision, whether all shareholders are treated equally, and whether there are any unnecessary conflicts of interest,” the Corporation said on its website.
Corporate Shareholder Services (ISS), a corporate governance consulting firm, He has already warned of the risk this operation poses to minority shareholders., because Dutch law restricts the power of shareholders with less weight in the capital more than Spanish law. While Norges Bank’s votes are not expected to derail the operation, the move could be jeopardized if more than 2.56% of the company’s shareholders demand their money to take their money out of the company’s capital. Ferrovial has saved up to 500m euros to face these demands, but that money will not be enough if more than 2.56% of shareholders demand their investment back.
Various associations of minority shareholders, World Investors Federation (WFI), European Better Finance and Spanish AEMEC, Supporting ferrovial transfer Holland and emphasizing the importance of respecting shareholder sovereignty and freedom of establishment in the European Union (EU).
Other funds in Ferrovial’s equity, such as the TCI fund, which owns 7% of the company through derivatives, announced that it will vote in favor of the takeover. California pension plans Calpers and Calstrs, Canadian fund CPPIB and Calvert Investments (manager of Morgan Stanley) funds will also follow in TCI’s footsteps. and they will also vote in favor of the movement.
Conflict with the Government
Ferrovial surprisingly announced the operation at the end of Februarycreated strong rejection within the Spanish government. In a letter to Ferrovial CEO Ignacio Madridejos this Monday, Gonzalo García Andrés, Spanish Minister of Foreign Affairs for the Economy, assured that the company can be listed on the New York Stock Exchange without having to move its parent company to the New York Stock Exchange. Holland.
Two days before the Ferrovial shareholders’ takeover vote, the Government asked the company to report on the matter at the next Thursday’s General Assembly. The executive therefore continues to pressure President Rafael del Pino to reverse his decision..