Calviño rejects the transfer of Ferrovial to the Netherlands


The transfer of Ferrovial’s headquarters to the Netherlands has not gone down well with the Government. The First Vice President and Minister of Economic Affairs, Nadia Calvino, has made it known in a conversation to the executive president of the construction group, Rafael del Pino, to whom he has shown “clearly his rejection” of the decision adopted yesterday. All this, in the midst of a growing debate about a possible ‘contagion effect’. For her part, the Minister of Finance Maria Jesus Monterohas underestimated the tax impact of the decision and recalled that more than 80% of Ferrovial’s profits are generated outside of Spain.

“The remaining percentage is the one that remains in Spain and, according to what the company itself has declared, will continue to be in our country. That is, there is no risk that the part of the investment that was already in Spain is going to be displaced and therefore will be taxed in the country”, Montero highlighted in this regard. For his part, EP reports, sources from the Ministry of Economic Affairs, have assured that in the Executive They are already waiting to know the details to analyze and closely follow the possible implications of this “erroneous decision”.

In Economics they have described “paradoxical” that this possible decision be announced at a time “of significant attraction of foreign investment and confidence” of investors and companies in Spain, and with an “unprecedented” process of public investment and modernization underway in the sectors in which the railway group.

A move that can be expensive

In any case, the operation is still subject to the approval of the shareholders, who will vote on this move at the next meeting. In the document sent to the National Securities Market Commission (CNMV) they specify that if the amount to compensate reluctant investors exceeds 500 million, the company would back off in your plans. Bearing in mind that shareholders who do not support this decision will receive around 26 euros per title -the average price of the last three months- this amount means that around 2.6% of the capital would have to oppose the change of headquarters.

For now, the market seems to support Ferrovial’s plans. The company’s titles rise almost 2% in the mid-session, which places the price of its titles at 26.7 euro. Analysts, for their part, remain somewhat more divided. While Alantra Equities advises selling, other analysis houses have revised this value upwards. Among them are CaixaBank BPI, Stifel or Kempen. With all this, purchase recommendations have been reduced by more than five percentage points, to 51%, and sales recommendations have risen to close to 15%.

Yolanda Díaz asks Calviño to intervene

There have also been reactions from the other partner of the coalition, the second vice president and Minister of Labor Yolanda Diaz, has criticized that Ferrovial says “without shame” that it transfers its fiscal headquarters to the Netherlands to pay less taxes. The construction group has been asked to reconsider its decision and commit to Spain at a time of “need” in the country.

In this sense, it has asked the Ministry of Economic Affairs toand “adopt the measures that are necessary so that this does not happen” and has questioned the exemplary nature of Ferrovial. In his opinion, the change of tax headquarters in a crisis situation “is not being Spanish”.

PP: beware of the ‘contagion effect’

From the opposition, mainly the PP, his deputy secretary of Economy john bravo has warned of the “risk” of a “contagion effect” and other Spanish multinationals may choose to leave the country. Specifically, the popular has criticized the “lack of legal certainty” and shown his “concern” that other companies follow his example. Along these lines, he has called for “deep reflection” on the causes behind Ferrovial’s movement.

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