By Linda Hall • 01 March 2023 • 21:37
FERROVIAL CHAIRMAN: Headquarter moving to the Netherland, Rafael del Pino announced
Photo credit: Flickr/Ferrovial
Shares in the Spanish multinational rose 1.8 per cent immediately after the February 28 announcement.
Explaining that Ferrovial had chosen the Netherlands owing to its “stable legal framework” and “AAA credit rating”, chairman Rafael del Pino announced that proposal would be put to the vote at the next shareholders’ meeting .
Although relocating has not been previously included in any of the group’s strategic plans, he pointed out that 82 per cent of the company’s income and 96 per cent of its stock market value were located abroad.
The board now proposes a merger between the parent company and Ferrovial International, a Dutch European public limited company which owns 86 per cent of the company’s assets.
The stated objective of Ferrovial, which had a net profit of €186 million in 2022 – 84 per cent less owing to the absence of extraordinary items – is to list on the Netherlands’ stock market and, at a later date, in the US.
Relocating to the Netherlands means that the payments which previously went to Spain’s tax authority Hacienda will now go to the Dutch government although the group said that the annual reduction of between 1 and 1.5 per cent would not have a “relevant” impact.
The company stressed that the change of address would not affect its Spanish companies involved in construction and roads or their employees. Nor would it bring any modifications to investment plans.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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