On Thursday 13 April Ferrovial, the Spanish construction group, announced that its shareholders have approved a plan to relocate its holding company to the Netherlands through a reverse merger with its Dutch subsidiary Ferrovial International SE (FISE). The decision was made during Ferrovial's Annual General Meeting (AGM). This strategic move aims to facilitate future listings in the US market and ensure access to cheaper credit as Ferrovial seeks growth opportunities in international markets.
The decision to relocate the holding company has received mixed reactions, with most shareholders supporting the move for its potential benefits in accessing international markets, while facing strong objections from the Spanish government, accusing Ferrovial of wanting to move its headquarters to the Netherlands for fiscal reasons. However, despite objections, Ferrovial shareholders have approved the plan, which was first announced in February.
As the representative of individual investors, BETTER FINANCE - the European Federation of Investors and Financial Services Users, appeared at the AGM to voice its support for Ferrovial's decision and emphasised the importance of shareholder sovereignty and European Union law in private company decisions.
Kristjan Verbic, Board Member and representative of BETTER FINANCE at the Ferrovial AGM, alluded to “the fundamental principles of the European Union” and stressed the importance of "free movement of capital and companies across Europe", arguing that such decisions "should be taken exclusively by shareholders and never by political bodies".
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- Read the full press release below.