Ferrovial's decision to relocate its headquarters from Spain and transfer it to the Netherlands has fallen like a bombshell on the Ministry of Economic Affairs, where Vice President Nadia Calviño has called the president of the company, Rafael del Pino, to directly express her rejection of the move.
Calviño, has had a conversation with del Pino, in which he has "clearly expressed his rejection" of the decision communicated yesterday on the transfer of the company's registered office to the Netherlands. The president of Ferrovial has responded that the company's decision is part of an ordinary process of the company's corporate governance, say sources familiar with the conversation.
Ferrovial communicated its decision to the CNMV yesterday and explained it by the need to "align" its corporate structure with international business and its interest in listing on the Amsterdam and New York stock exchanges. But the Ministry of Economic Affairs wants to have more information and the Executive is waiting to know the details to analyze and closely follow the possible implications of this "erroneous decision."
"This is a company that owes everything to Spain", they remark from the Department headed by Nadia Calviño. For this reason, they believe that "it is not acceptable that a company that was born and grew in Spain and thanks to the public investment of Spanish citizens shows this lack of commitment to its country".
Ferrovial paid 282 million euros in taxes in Spain last year and ensures that the fiscal impact of its decision will be only 2% of this amount, six million euros. The group's workforce in Spain exceeds 5,000 people and its activity is focused on the construction of civil works, where infrastructures such as the AVE take the cake. The service activity is in the process of liquidation.
For Economy, it is "paradoxical" that this possible decision is announced at a time "of significant attraction of foreign investment and confidence" of investors and companies in Spain, and with an "unprecedented" public investment and modernization process underway in the sectors in which the Ferrovial group is present.
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