The Children’s Investment Fund, a prominent hedge fund, expanded its stake in Ferrovial the day before the pivotal Shareholders Meeting that will decide whether the Spanish infrastructure group relocates its headquarters to the Netherlands. The fund now controls 1% of Ferrovial’s capital through a combination of direct holdings and financial instruments, increasing its overall influence to 8.009% when calculated across positions and derivatives. This move follows similar maneuvers observed in other holdings associated with TCI, including parallel activity in Cellnex and Aena, signaling a broader strategy of strategic repositioning ahead of major corporate decisions. Previously, TCI held roughly 6% of Ferrovial, rising to 7% after the news of the potential headquarters relocation became public, illustrating the fund’s aggressive reallocation of exposure in anticipation of the merger outcome. The Children’s Investment is said to own the equivalent of about 58 million Ferrovial shares, with the stock’s market capitalization hovering around 1.61 billion euros based on a close price of 27.64 euros. The movement underscores how activist investors can influence corporate governance and strategic direction in large, cross-border operators. (Citation: The Children’s Investment Fund, 2024)
BME delists Ferrovial after relocation approval
Following the shareholders’ approval of the headquarters shift to the Netherlands and the merger taking effect, Bolsas y Mercados Españoles is set to delist Ferrovial from the local exchange. The process will also entail the delisting of the European entity Ferrovial Internacional, aligning with the new corporate structure under the cross-border arrangement. Market observers anticipate a formal step to remove Ferrovial from the main trading venue as the integration moves to completion, reflecting a broader trend of consolidations among major infrastructure players in Europe. (Citation: Bolsas y Mercados Españoles, 2024)
As part of the delisting and index reconfigurations, the Spanish market operator is expected to publish the number of outstanding shares and the free float used to recalibrate indices that include Ferrovial Internacional SE. In the official filing, it is noted that the inclusion and exclusion of equities in affected indices will be adjusted at the closing session just before the merger becomes effective. The adjustment is planned to be recorded on the Securities Market Interconnection System for Ferrovial Internacional SE on the date the merger is formalized, ensuring index providers reflect the new corporate structure accurately. (Citation: Spain’s market operator, 2024)