The CEO of railwayIgnacio Madridejosalso responds by letter to the Secretary of State for the Economy, Gonzalo Garciaand warns you that should not “prejudge or condition” the application of the fiscal neutrality regime of the merger that will give rise to the transfer of the company’s headquarters to the Netherlands and which, he points out, is “a purely technical criterion that would correspond to apply to other organisms”. From Economy, García had explained in a letter sent to Madridejos that he did not see the existence of economic reasons for the march, which put the Tax Agency on the case, since if in these operations it is shown that there are no economic motivations, they will not it is possible to apply the regime of fiscal neutrality. In this case, Ferrovial could go to the Netherlandsbut only after pay hefty taxes Hacienda Spanish.
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In the letter, advanced by The worldthe CEO of Ferrovial insists on the difficulties of listing simultaneously on the New York and Madrid stock markets, recalls that, as the Secretary of State for the Economy himself acknowledges, no Spanish company is listed directly on Wall Street and affirms that double listing from the Netherlands, however, is a “well-known” alternative. This statement is the key to the matter, since both the Economy, the market regulator (CNMV) and the stock market manager (BME) have tried to overthrow the argument, arguing that other Spanish multinationals are listed through ADRs and that in addition They are willing to explore ways to facilitate double listing. Precisely this statement has led to the company to accuse the Government of “going back” since, in their opinion, it is a way of admitting that “here and now” cannot be done.
The Minister of Economy, Nadia Calvinoacknowledged that he had seen the letter from the CEO of Ferrovial but insisted that “there is no no differential factor of the Spanish stock market with respect to any European or in particular with Amsterdam”. Calviño showed his “respect” for the decisions of the Board but insisted that the interest of the Government is that the shareholders have “all the relevant information” so that make an informed decision “about options or possible risks of any decision”.