Monday, May 29, 2023

Ferrovial says no shareholders have opted out due to move to Amsterdam

MADRID (Reuters) – Ferrovial said on Friday that none of its investors have opted out of the Spanish construction company after a majority of its shareholders approved a plan to move the holding company’s headquarters from Spain to the Netherlands. given.

Investors were to sell their shares on the final day if they disagreed with the plan, the company said, adding that it was not aware of any shareholder exercising the right of withdrawal.

Potential dissidents had the option of selling their shares back to the company for 26 euros each.

The decision to move its headquarters to Amsterdam sparked a public confrontation with the Spanish government, which accused Ferroviel and its president, Rafael del Pino, of disloyalty to Spain, as well as warnings from public representatives that the tax agency would investigate the company. Will check closely.

During a shareholder vote in April, a minority that included the brothers of the company’s chairman voted against the plan.

Leopoldo Del Pino, then listed as the fifth largest investor in the company, said his stake represented 5.5% of shares with voting rights at the meeting, according to sources familiar with the shareholder vote.

The company then said that the proposal won the approval of 93.3% of shareholders at its annual general meeting, while 5.8% voted against it.

Ferrovial’s board described the offer as a “quick” way to apply for a US listing, while sources familiar with the matter told Reuters that the US energy transition and potential access to public funds for other subsidies played a role in the decision.

Ferrovial reported a 39% jump in first-quarter net profit last week, mainly due to toll increases and a strong improvement in mobility in North America, where it has two-thirds of its business and is looking to expand.

Nation World News Desk
Nation World News Desk
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