Norges Bank Investment Management (NBIM) has shifted its stance ahead of Ferrovial’s shareholder meeting, signaling support for relocating the company’s headquarters to Istanbul. The Norwegian wealth fund, which manages about one trillion euros in assets, would own roughly 1.5 percent of Ferrovial’s equity if the move goes through, a stake valued around 300 million euros. Until just a few hours ago, NBIM’s position appeared to be the opposite.
Ferrovial advises the Government not to require the Tax Office to change its headquarters to the Netherlands
Several market participants characterized NBIM’s reversal as a wider political exchange between Spain’s prime minister, Pedro Sánchez, and Norway’s prime minister, Jonas Gahr Støre, who leads a socialist government. The fund announced its decision yesterday, arguing that moving headquarters would not maximize shareholder value. In its statement, NBIM said that when evaluating corporate actions, it considers whether the proposed move would improve transparency, ensure fair treatment for all shareholders, and avoid conflicts of interest that could unduly influence outcomes.
Ferrovial will ‘sell’ in Board of Directors, which will have two headquarters
Market observers note that the boardroom debate could see the company maintaining two sets of executive presences. Shares and governance questions loom large as Ferrovial weighs strategic options and the potential implications for governance and operational efficiency in different jurisdictions.
TCI is also in favor
Other Ferrovial investors based in the fund’s orbit, such as the British fund TCI, which holds about 7 percent, indicated that they will vote in favor of the proposed headquarters relocation. Several large US and Canadian pension plans—California’s CalPERS, CalSTRS, CPPIB from Canada, and Calvert Investments (under Morgan Stanley management)—also signaled support and plan to vote in favor of the move. These positions reflect a broader investor view that the relocation could influence cost structures, regulatory alignment, and strategic flexibility.
Demolish the operation, more complex
The unexpected shift in sentiment reduces some immediate risks to the initiative, yet tensions remain. If more than a small proportion of shareholders seek an exit, the financial calculus could shift. Ferrovial reportedly saved around 500 million euros in the process; however, such savings may not suffice if a larger portion of investors seeks liquidity. Analysts caution that the final outcome will hinge on the board’s ability to balance governance considerations, investor sentiment, and the long-term strategic aims of the group, especially in light of cross-border regulatory dynamics and capital markets conditions.