Cora Serrano B.|
Madrid (EFE) committed to his country and to seek tax benefits with his transfer.
The moment chosen by Ferrovial to communicate this decision has placed the company at the center of the political debate at the gates of the next elections, and both the Government and the opposition, in the middle of the electoral campaign, have taken advantage of this transfer to reinforce their speeches.
Sánchez points to the president of Ferrovial
The President of the Government has come out on two occasions to criticize the decision adopted by Ferrovial and to make Rafael del Pino’s attitude ugly, something that has been shared by the rest of his ministers.
Lack of commitment to the country; tax reasons and not legal certainty; making assets rather than lending a hand when the country needs it or a fortune that has been made largely thanks to the contribution of the Spanish, have been some of the accusations that Sánchez has made these days.
The coalition government as a whole has come to the fore to harshly reject this social transfer and some of the members even believe that the company should repay the public aid received by law, while others label it a “pirate” company and understand that it should not be taken into account for future contracts with the Administration.
Some political formations, such as Más País, have spoken directly of “thieves’ behaviour”, while the unions call it scandalous and emphasize the taxes paid by large corporations.
Ferrovial reiterates its continuity in Spain
Such has been the commotion that the CEO of the company has had to leave to insist in a video release that no one should doubt its continuity in Spain and that the plan is to maintain employment, activity, investments, and continue to contribute fiscally. .
For its part, the opposition justifies the exit due to a lack of legal certainty, a high tax burden and the loud criticism that the Executive is launching against businessmen, who if they continue like this will result in more “leaks” of companies.
From the business sphere, with the CEOE at the helm, they understand that Pedro Sánchez’s statements against Ferrovial and its president and largest shareholder are precisely generating a message of insecurity both inside and outside Spain.
Employers in the sector also show their concern about the “unfair” attacks it is receiving, including from the Government, and warn that they will closely monitor and take all appropriate actions if Ferrovial receives discriminatory treatment in its activity in Spain.
The operation will cost 20 million
The transfer of Ferrovial to the Netherlands will bring with it its listing on the Amsterdam stock market as a step prior to debuting with its parent company -and not with subsidiaries- in an index of the United States stock market, something that no Spanish company has done to date and that it could happen before the end of the year.
The change of headquarters will be accompanied by the arrival of some 20 managers and heads of Ferrovial to the Netherlands, where there are already about 12 people. It will be there where, if the shareholders’ meeting so decides within a period of six months, Ferrovial will hold the next ones and where its board of directors meets.
The company calculates that the operation will have an expense of 20 million, largely in advisors, and will mean stopping paying in Spain about 8 million for withholdings for dividends paid.
The group chaired by Del Pino, the third largest fortune in Spain, paid 1,569 million in taxes in 2022, 282 of them in Spain, the country in which it disbursed the most after the United Kingdom and in which it has more than 5,400 workers from the United Kingdom. about 24,200 that it has worldwide.
The company considers that the fact of being based in the Netherlands will bring less volatility in its financing costs as the country enjoys a better risk premium, more access to financing and greater notoriety for a brand that concentrates the majority of of its revenue in North America.