The Minister for Economic Affairs, Nadia Calviño, has contacted the president of Ferrovial, Rafael del Pino, to inform him that the operation to transfer the company's headquarters from Spain to the Netherlands is "unacceptable" and shows a " lack of commitment" with the country, according to sources from his department.
The message responds to the great discomfort caused in the Government by the company's decision to propose to its shareholders' meeting a reverse merger in which the Dutch subsidiary will absorb the Spanish parent company.
Calviño, the sources indicate, has expressed to Del Pino "clearly his rejection" of the plan announced yesterday. It is an "erroneous decision" that affects a company that "owes everything 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," they point out.
From the Economy Department, it is also described as "paradoxical" that this possible decision is announced at a time of "important attraction of foreign investment and confidence of foreign investors and companies" in Spain, in which "a process of public investment and unprecedented modernization underway in the sectors in which the Ferrovial group is present".
With his call, Calviño conveys the sentiment of the Government, which is "pending to know the details" to closely follow the possible "implications of the announcement", indicate Executive sources.
In the Government they emphasize that Spain is an "attractive and competitive" country. Foreign investment has increased by 55% until the third quarter of 2022, while, during the past year, "Spain has attracted 30,000 million" of foreign investment, which is, according to sources, a record.
From the Executive they cite the investments announced by Maersk in hydrogen, by Volkswagen in the development of the electric car or by Microsoft in data centers to defend the business interest of the country.
The Minister of Agriculture, Luis Planas, has also asked Ferrovial to "clarify" its continuity in Spain, at a time when the country is "receiving a lot of foreign investment," at an informative breakfast organized by Europa Press. He added that Ferrovial is a "great economic group" of which the Executive "feels proud."
"I do not want to go into issues whose details I do not know, but there are aspects of that decision to clarify. I hope and wish that this does not imply anything in your commitment to Spain and society and activity in the country. The roots are very good, but the tree is better", has indicated.
The criticism has been joined by the PSOE spokesman in Congress, Patxi López, who has lamented that Ferrovial's Ibex has become "small". "In the Netherlands they will pay more taxes," he predicted.
Ferrovial will propose to its general meeting of shareholders a corporate reorganization to move its headquarters from Spain to the Netherlands, in an unusual move that, according to it, will also help it to be listed in the United States and gain an international presence.
The company justifies the measure in the need to gain international projection, in its desire to be listed in the United States and in the favorable environment of the Netherlands. If the plan is successful, it will automatically become a listed company in Spain and the Netherlands, with the aim of then jumping to Wall Street.
