Yesterday, the Government spared no words from ministers or adjectives to criticize Ferrovial's decision to move its headquarters from Spain to the Netherlands. During the day there were interventions against the "erroneous" and "unacceptable" actions of a company that shows a "lack of commitment" to Spain, according to the Executive.
Ferrovial's plan, pending the approval of the shareholders' meeting, consists of a reverse merger through which the Dutch subsidiary will absorb the Spanish parent company. The group insists that the motivation is not fiscal and highlights aspects of the Netherlands such as the good business climate and legal stability. It does so with the nuance that the country's advantages are not new, but have been established for “decades”.
The most forceful reaction was that of the Minister of Economic Affairs, Nadia Calviño, who yesterday contacted the president of Ferrovial, Rafael del Pino, to "clearly state her rejection" of the departure of a company that "owes everything to her to Spain". "It is not acceptable that a company that was born and grew in Spain and thanks to the public investment of Spanish citizens shows this lack of commitment to its country", was the message of the minister.
Ferrovial argues that 82% of its income and more than 90% of its capital come from abroad. However, by country, Spain is the second with the highest income in 2022, with 1,443 million euros, after the 2,437 million of the United States. Its workforce in Spain, of 5,413 workers, is only surpassed by that of the Polish business, with 6,102. In contrast, in the Netherlands it only has five workers.
From the Government, yesterday's message was of deep discomfort and also in defense of Spain's international appeal. Foreign investment in the country, he argues, increased last year at rates of over 50% and exceeded 30,000 million, which is a record. Multinationals such as Maersk, Volkswagen or Microsoft have recently announced investments.
The parade of ministers included the head of the Treasury, María Jesús Montero, who, apart from regretting Ferrovial's decision, pointed out that the company will not stop paying the taxes due to its activity in Spain. The one from Agriculture, Luis Planas, was more descriptive: "The roots are very good, but the tree is better." In this way, he was responding to Ferrovial's message that he would maintain his “Spanish roots”.
Criticism for the best tax treatment for companies in the Netherlands came from the Podemos part of the Government and from the UGT and CC.OO. The second vice president of the Government, Yolanda Díaz, accused the company of "leaving without embarrassment" to carry out "fiscal dumping". “This is not being Spanish,” she said.
The government's broadside comes shortly after the creation of new taxes on large fortunes and on banks and energy companies. The latest messages have already found a response from businessmen and senior managers such as the president of Mercadona, Juan Roig, or the president of BBVA, Carlos Torres, who has asked the Government not to "misinterpret" the business results. Messages that have been completed with the first payments and also the first appeals to the courts for these liens.
The thunderous reaction of the ministers was followed by that of the opposition, which criticizes what the general secretary of the PP, Cuca Gamarra, describes as a "beating" of the Executive to the companies. There is, according to the Deputy Secretary of Economy of the PP, Juan Bravo, the "risk" of a "contagion effect" occurring among other Spanish multinationals willing to leave the country due to "lack of legal security."
Ferrovial preferred yesterday to remain silent in the face of the political storm. The verdict of the market was a slight rise in the stock market, of just 0.6%. The company capitalizes close to 19,450 million euros.
