The defeat at the Ferrovial shareholders’ meeting of the option sought by the Government has opened a new division in the coalition Executive. The first vice president, Nadia Calviño, chooses to abide by the decision of the highest body of the listed company to move its headquarters to the Netherlands, while the Minister of Social Rights, Ione Belarra, cries out for revenge and demands retaliation.
On the one hand, Calviño, on a trip to Washington, has ordered his communication team to issue a respectful reaction to the shareholders’ meeting theoretically on behalf of the entire Executive after learning of the result.
“The Government respects the decision adopted by the shareholders at the General Meeting of Ferrovial”, assure official sources from the Ministry of Economic Affairs. The fact that 90% of Ferrovial’s institutional investors are international makes it reckless for the government to continue the war.
In the Department they insist that Ferrovial has no reason to move the headquarters to the Netherlands because of its intention to be listed in the US. because, “as has become clear from the analysis of the stock market supervisor (CNMV) and Bolsas y Mercados Españoles (BME), companies listed in Spain can be listed on the North American stock market if they so request, since there are no obstacles laws, regulations or operations that prevent it”. The president of Ferrovial, Rafael del Pino, has questioned this reiterated statement by the Ministry before the vote in the board.
However, they do not threaten with the Tax Agency or other punishments, but, on the contrary, Calviño’s commitment is to “continue working constructively with all Spanish companies to defend their interests and promote their expansion and growth”.
In contrast, the Minister of Social Rights and Secretary General of Podemos urges punitive measures against Ferrovial. “What we are seeing with Ferrovial, the Government cannot allow, the Government of Spain has to be much more forceful,” Belarra assured in statements to the media.
In his opinion, the objective of the company chaired by Rafael del Pino is to “evade paying taxes” and this “is to laugh in the face of the Spanish men and women” who provided public aid in the pandemic, as he emphasizes. Therefore, he asks to use the “room for maneuver” and demand the return of public aid. “When the State wants, it can normally,” he stated. It has not been precise, but it seems to refer to the aid granted by the ERTE and not payments for infrastructure construction.
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