Norges Bank Investment Management (NBIM) Ahead of the Ferrovial Shareholders’ Meeting, which will take place this Thursday, he is surprisingly changing his position: He will support his plan to relocate the headquarters to Istanbul. Holland. This Norwegian state wealth fund, which controls one trillion euros in assets, is about 1.5% of the Spanish groupparticipation value 300 million €. Until a few hours ago, his position was the opposite.
Some market sources explained the vote against Norges Bank as a match between Spanish Prime Minister Pedro Sánchez and the Norwegian Prime Minister, who is also a Socialist. Jonas Gahr Store. The fund announced its decision yesterday, citing its justification. change of venue does not “maximize” returns Shareholders: “When evaluating corporate transactions, we will also consider whether there is sufficient transparency to make a fully informed decision, whether all shareholders are treated fairly, and whether there are unnecessary conflicts of interest.”
TCI is also in favor
Other funds based in Ferrovial’s capital, such as the British fund TCIone with 7% announced that it will vote on derivative instruments as well. in favor of transfer. Also funds of California retirement plans hearts And CalSTRSCanadian fund CPPIB And Calvert Investments (Morgan Stanley manager) will follow in the footsteps of TCI and also vote in favor of the move.
Demolish the operation, more complex
After this unexpected turn, the chance of spoiling this operation decreases. In case of more than one, the transfer of the headquarters may be endangered. 2.56% of shareholders demands their money to get out of company capital. Ferrovial saved 500 million € This money will not be enough to face these claims only if more than 2.56% of shareholders demand a return on their investment.