The CEO of Ferrovial has responded by letter to the Government that “he doesn’t share” its place and asks for respect for the shareholders”The Secretary of State mustn’t prejudge or situation the standards that will correspond to different organizations”, Ferrovial responds to the usage of the Tax Agency within the controversy Shareholders should assess the corporate’s resolution on the subsequent shareholders’ assembly
In the letter, Madridejos replies this Tuesday to the letter despatched the day earlier than by the Secretary of State for the Economy, Gonzalo García Andrés, and tells him that he doesn’t share with the Government that there isn’t a financial motivation on this merger mission.
Ferrovial insists that double itemizing from the Netherlands is an “expedited and well-known” different, whereas the potential for reaching it from Spain is with out precedent and is topic to technical and operational questions that, in one of the best of circumstances, would make the timing of its hypothetical implementation unsure.
For this cause, he confirms, “Ferrovial’s board of administrators has thought-about it preferable for the corporate’s curiosity to resort to confirmed channels of direct itemizing.”
However, it thanks the Government and the general public administrations for his or her dedication to advertise the entry of Spanish firms to worldwide markets and to discover the trail of double itemizing on the US inventory markets, and hopes that sooner or later Spanish firms will have the ability to profit from This risk.
The Ferrovial CEO remembers that no issuer has raised this risk in Spain, so far there has not been any Spanish listed firm with its shares instantly admitted to buying and selling within the US, whereas there are quite a few examples of firms domiciled in different European jurisdictions whose shares They are quoted instantly within the US. Ferrovial factors out that the operation proposed to its shareholders is justified for a plurality of causes, not solely the confirmed risk of itemizing instantly within the US.
“Exciting operation” and “fiscal neutrality”
“The proposed merger is an thrilling operation that has had the unanimous assist of the board and that it hopes will deserve the approval of its shareholders,” Ferrovial maintains, ready for the shareholders’ assembly to be held this Thursday to which it’ll vote on this switch.
It additionally stresses that related institutional buyers and impartial entities comparable to “proxy advisors” (voting advisors) Glass Lewis or ISS assist the proposal, which Ferrovial understands as a cause for satisfaction. In addition, after the Government questions in its letter the financial motivation of the merger mission, Ferrovial understands that it’s alluding to the truth that the competent authorities will object to the merger being topic to the tax neutrality regime.
“If that have been the case, the Secretary of State for the Economy mustn’t prejudge or situation the purely technical standards that will apply to different organizations,” says Madridejos on this regard.
Shareholders should “worth the operation”
Ferrovial provides that it’s the shareholders who should assess the operation, introduced on the finish of February, and insists that this switch is just not proposed for tax causes, because the taxes that Ferrovial can pay after the operation might be similar to these paid by at the moment.
“The numerous causes and financial implications of the operation for the Company have been recorded. It would be the shareholders who should assess them,” says the letter
In addition, he concludes his letter by transferring his “unequivocal dedication” to Spain and his belief within the establishments and that they’ll respect the choice adopted by the shareholders of the corporate within the train of a elementary freedom recognized by the Treaty on the Functioning of the European Union as It is the liberty of multinational.
The operation, they reiterate, won’t have an effect on the operational continuity of the Ferrovial group in Spain, the place exercise, employment, initiatives, the funding plan and the worth might be maintained. In this sense, it states that Ferrovial will proceed to contribute fiscally in Spain because it has carried out to this point and selling enterprise alternatives overseas for its suppliers, a lot of them SMEs, and serving to to spice up the competitiveness of the Spanish financial system.
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