Ferrovial’s unknown unknowns when first planning its move to the Netherlands

FERROVIAL failed to factor in the unforeseeable when deciding to relocate its headquarters to the Netherlands.

The plan remains unchanged, but the Spanish multinational is watching its share price following the collapse of the Silicon Valley Bank and Silvergate Capital in the US, and Credit Suisse in Europe.

Ferrovial will buy out shareholders who vote against the Netherlands move at €26.0075 per share in the course of an April 13 meeting.   This figure was arrived at by averaging Ferrovial’s share price over the three months prior to February 27, the day before it dropped its Netherlands bombshell.

At the time, the company contemplated few desertions and, assuming that these would account for a negligible percentage of its capital, fixed a €500 million maximum payout for shareholders opposing the relocation.

Despite the Spanish government’s opposition to Ferrovial’s relocation, the company was confident that this would be plain sailing, until the current  financial situation produced fluctuations in its share price.  This has since settled comfortably above the €26 mark.

Anything below that would raise shareholders’ doubts, although there is nothing to stop  the company from renouncing the €500 million ceiling should enough shareholders decide to bail out.

But this possibility, Ferrovial sources insisted, would not be analysed “until the moment requires it.”

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