what i could say yesterday Rafael del Pino, largest shareholder and president of Ferrovial, it had generated as much excitement as the shareholder meeting vote, which, as planned, approved the transfer of the company’s headquarters to the Netherlands. In his first statements on the progress of the construction company in Spain, Del Pino claimed “freedom of establishment that nourishes the very essence of the European Union. Little to object. The European Union allows companies from its member countries to establish their headquarters in another Member State, so Ferrovial’s decision, which corresponds only to the company and its shareholders, is legitimate. introduce discussion with arguments of patriotism it is to overlook the fact that we are part of a common European framework, we cannot pretend to accept the good that comes from it and reject instead what we do not like.
Ferrovial’s march it has transcended the economy to jump into the political arena. The case has been converted by some into an excuse to present themselves as the scourge of large companies, and used by others to charge against an alleged political management of Venezuelan airs, and that can set a precedent for other Spanish companies. Readings, in both cases, closer to the electoral interests of each one than to the reality of the issue. The attitude of the company itself has not made it easier for the political scuffle to calm down either. The announcement, in February, of his intentions to move to Amsterdam has been accompanied by a lack of transparency –unbecoming in a listed company– which has logically fed the suspicions of the Government about the real reasons for this decision. And although the allusions of some ministers to the growth of the company thanks to Spanish public investment sounded somewhat extemporaneous -currently, the bulk of the business is concentrated abroad, and more than 90% of the value in terms of capital comes from its international activity – the company should have given more detailed and convincing explanations beforehand.
One of the central points of friction is in the supposed tax advantages, that the Government insinuates and the company denies. If Ferrovial does not justify a “valid economic motivation” for the operation, a merger with its Dutch subsidiary, the Executive could deny you the tax advantages offered by the merger regime in corporate tax. The Ministry of Economic Affairs, in a statement, said it “respects” Ferrovial’s decision, but at the same time denies that listing on the New York Stock Exchange is a reason that justifies the transfer to Amsterdam. Government pressures They were maintained until minutes before the shareholders’ meeting, with a letter to the company’s management in which they underlined the commitment of the Spanish institutions to “facilitate and promote” double listing in Spain and the US, and with public statements of The ministers. But even in this matter the two souls of the Executive have been notable, with very different degrees of criticism depending on who pronounced them. In the end, proving that the company’s only motivation is to pay less tax seems very difficult, so the matter probably ends in a mere storm of statements.