Ferrovial responds to the Government that the economic reasons for its corporate transfer to the Netherlands are "exceeded and well-known" and insists that there are no tax advantages or disadvantages for the company or shareholders with this operation, which will be voted on Thursday at the shareholders meeting.
Ferrovial does not share the point of view that the Secretary of State for the Economy, Gonzalo García Andrés, has expressed in his letter, questioning the economic motivation alleged by the group and considers that there are regulatory and other insurmountable problems that justify its transfer to Countries Bajos as a prior step to listing common shares in the US.
As insisted by the outgoing communication director of Ferrovial, Francisco Polo, in statements to Onda Cero, this transfer will have a neutral fiscal impact for the company and the path chosen is safe, verified and the same as that followed by other European companies.
"The economic reasons behind this decision by Ferrovial are well known," he stressed, while recalling that the three main proxy advisors or voting advisors out there, ISS, Glass Lewis and Corporance, have carried out an exhaustive analysis and They coincide in recommending voting in favor of the proposal because they understand that there are plenty of economic reasons.
Ferrovial believes that this operation will increase its ability to compete in international markets; it will provide greater liquidity to the action; will have a higher capitalization; more visibility before international investors and better financing conditions. "These are reasons that from our point of view are obvious," he added.
Asked if in order to benefit from the exemption from taxing the latent capital gains that arise with the Treasury operation, it must validate that the transfer does not take place to obtain a tax advantage, since otherwise it could deny those exemptions a posteriori, Ferrovial understands that This is not the case and that there are no tax advantages or disadvantages for the company or for the shareholders.
The group chaired by Rafael del Pino assures that this transfer will result in advantages for Spanish society, since the company will compete in better conditions against the infrastructure giants; it will multiply the drag effect for the SMEs that it incorporates in these projects; will maintain employment (5,500 people); activity; the projects; investments, and its listing on the Ibex 35.
He also affirms that the group will continue in Spain practically the same as it was until now, that the management team of the construction area will continue in Spain and that the pool of engineers, geologists and construction and concessions professionals will continue to be Spanish. .
"Ferrovial as such is not leaving Spain," the company spokesman insisted.
The Government assures that with the letter sent to the CEO of Ferrovial, Ignacio Madridejos, and of which they want the meeting to be informed, the shareholders and the company must know that there is an alternative way to this social transfer to achieve their objective strategic to be listed in the US
In this case, it has expressed the will of the Government, the CNMV and BME to accompany them on this path, as indicated by the Secretary of State for the Economy in statements to Onda Cero.
With the letter sent yesterday, the Government seeks that such an important decision be made with all the information and knowing that "there are no economic reasons" that justify this decision since the procedure to list in the US with ordinary shares from Spain does not presents differences with other European countries.
The existence of an economic motivation is important because the applicable tax regime will depend on it.
