The Del Pino family’s reference partner, The Children’s Investment Fund Management, demonstrates its trust in Ferrovial. Excluding the founding family, the hedge fund ranks as the third largest shareholder, increasing its stake from 6.01% to 7.02%. Ferrovial, listed on the Ibex-35 index, finds itself in political upheaval after announcing a headquarters relocation to the Netherlands.
This hedge fund engages with the company through financial instruments rather than direct share ownership, even though it holds 51.11 million shares. Instruments without traditional participations are valued at more than 1,349 million euros. Given Ferrovial trades at about 26.4 euros per share, these figures reflect a substantial stake, as confirmed by El Periódico de España of the Prensa Ibérica group in records filed with the National Securities Market Commission.
The Children’s Investment Fund Management is led by Chris Hohn. A notable feature of this vehicle is its strong social commitment. Before the manager and his ex-wife divorced, he set aside 0.5% of the fund’s assets for charity and an extra 0.5% if annual returns exceed 11%. The fund has remained consistently invested in Spain, currently owning 3.41% of Aena, the airport operator, and about 7% of Cellnex, the telecommunications infrastructure company.
In an interview with Expansion a few weeks ago, The Children’s Investment expressed satisfaction with Ferrovial’s plan: “Ferrovial’s plan is a great idea and we support it 100%. Much of the company’s asset value lies in North America, where Ferrovial owns a unique business that it built from the ground up. Listing in New York would enable North American investors to realize this value and address the current deep discount in the company’s listing.” The fund rejected any financial motive behind the operation.
The company will vote on the transfer on April 13.
Ferrovial has convened its next shareholders meeting for April 13 to approve the Netherlands relocation, a move already approved by the board. The Spanish firm’s headquarters relocation faces risk if more than 2.57% of the capital votes against it. The company had promised to compensate shareholders opposed to the move with €26 per share, though only $500 million was earmarked for that purpose.
Nevertheless, the infrastructure group believes the final decision to relocate, with an estimated cost of around 20 million euros, will secure a board majority in the second or third quarter of this year, according to official sources discussed with bondholders at a recent meeting.
Who are Ferrovial’s shareholders?
Ferrovial’s largest shareholder is the Del Pino family, which holds 35.29% of the shares. Rafael Del Pino controls about 20.4%, with siblings María, Leopoldo, and Joaquín owning 8.2%, 4.15%, and 2.54% respectively. As with many large firms like Lazard and Norges Bank, BlackRock also holds a stake. A negative vote from any of these major participants could derail the Netherlands move.
Despite the sizeable concentration of major holders, a substantial portion of Ferrovial’s capital remains in public hands, with shares available for short- and medium-term trading. The company estimates that more than 60% of its stock falls into this category.
Inditex and Mercadona refuse to leave Spain
Two of Spain’s largest firms have reiterated that they do not plan to relocate their registered offices outside the country. Juan Roig, head of the supermarket chain, stated during the results presentation that he does not intend to move and expects to stay in Spain for many years, while also acknowledging Ferrovial’s right to pursue its own path. Óscar García Maceiras, the head of the group founded by Amancio Ortega, declined to comment on Ferrovial’s move but noted that Inditex paid more than 1,800 in taxes in 2022.