Ferrovial responds in writing to the pressure of the Government rejecting its arguments and demanding "respect" to the shareholders of the company if they support the transfer of headquarters to the Netherlands. In the letter to which EL MUNDO has had access, the CEO of Ferrovial, Ignacio Madridejos, rejects the motivation sent to him on the eve by the Secretary of State for the Economy, Gonzalo García Andrés. "We do not share in any way his statement," he stresses on behalf of the chairman of Ferrovial, Rafael del Pino, and the rest of the management.

The CEO refers to the position of the Ministry led by Nadia Calviño that there is no "economic motivation" in the transfer of Ferrovial's headquarters, because for the Government it is possible that it is listed from Spain in the United States, something that the company denies. "The double listing from the Netherlands is an expeditious and well-known alternative, while the possibility of achieving it from Spain is unprecedented and subject to technical and operational questions that, at best, would make the timing of its hypothetical implementation uncertain." Therefore, "the board of directors of Ferrovial has considered it preferable for the social interest to resort to already proven direct listing channels".

Del Pino's lieutenant is particularly harsh in spreading the idea that since there is no economic motivation, the Tax Agency would exclude Ferrovial from the tax benefits of mergers in European territory, thus giving it a tax blow. "The Secretary of State for the Economy should not prejudge or condition the purely technical criterion that should be applied to other agencies." In this case, the Tax Agency.

However, he insists that there is "a plurality of reasons" beyond listing in the US to create the new Ferrovial from the Netherlands and assures that it is "an exciting project that has had the unanimous support of the board of directors and we hope that it deserves the approval of our shareholders". He also reminds García Andrés that it is not the Government that evaluates the economic reasons of a company. " The various reasons and economic implications of the operation for the Company have been recorded. It will be the shareholders who have to value them."

Madridejos is confident that the pressure will not make a dent in the shareholders' meeting this Thursday in which it is expected to approve the transfer of headquarters and therefore demands veiled respect for the Government. "We convey our unequivocal commitment to Spain, our confidence in its institutions and that they will respect the decision adopted by the shareholders of the company in exercise of a fundamental freedom known by the Treaty on the Functioning of the European Union such as freedom of establishment."

He concludes his letter, of two pages, reiterating that the change "will not affect the operational continuity of the Ferrovial group in Spain."

  • Netherlands
  • Tax Agency
  • United States
  • THE WORLD
  • Articles Carlos Segovia

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