Ferrovial has started the year by asking the US market supervisor, the SEC, for permission to start trading on the Nasdaq index throughout the first quarter of the year. It will do so, as it says, at the same price as in Spain and the Netherlands, that is, at around 33 euros per share, which gives it a capitalization of 24.7 billion euros.
With this request, registered on Friday in New York through form 20-F, which is the one that corresponds to foreign companies, Ferrovial begins the last step in its plan to change headquarters and open capital to an investor base. more international. In June, after a clash with the Government, he moved his home to Amsterdam, where he began trading, with his sights set on his subsequent jump to the New York Stock Exchange.
In the document registered in New York, Ferrovial details that its intention is to start trading with the ticker FER and informs of its advisors in the operation, which have been the British firms Latham
It also reports that the United States already represents 34.1% of its income, compared to 23.7% for Poland and 19% for Spain. The company participates, among other projects, in the construction of the new terminal 1 at JFK airport in New York.
Citing risks related to the listing, it warns that "operating on multiple exchanges and jurisdictions can negatively affect liquidity and share price." He also acknowledges that he "may incur additional costs as a result of listing on the Nasdaq." "It will raise our financial and compliance costs and make some activities more time- and resource-consuming," he says.
The company warns that it has detected "material weaknesses" in its internal controls related to the dissemination of information. "If we are unable to remediate these material weaknesses," it states, "we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations."
Ferrovial assures that it is "working to remedy the control deficiencies" as quickly as possible, without specifying what the detected problems consist of.
In assessing broader risks, he alludes to a wide range of political and economic uncertainties, including "high polarization" in the United States. Regarding Spain, he speaks of the "uncertainty" surrounding the formation of the Government and the investiture pacts, as well as any eventual "resurgence of political and social tensions in Catalonia."
He also alludes to the "reputational damage" that the change of headquarters could cause in Spain. "There is a risk that our domicile in the Netherlands could have a negative impact on the perception of our brand in Spain, which, in turn, could damage our competitive position compared to other companies that are not affected by these or other possible reputation problems," he says.
