On the screen of the operators, no cut has been seen between yesterday’s price of Ferrovial on the Ibex and today’s. In Amsterdam there has been no bell ringing or celebration. However, Ferrovial SE has just released its simultaneous listing today in the Netherlands and Spain, as a Dutch company.
The new company, the result of the absorption by the Dutch subsidiary of the Spanish parent company, starts with the symbol FER and a value of more than 21,000 million euros. Its reference supervisor will be the AFM, but the European market authority, ESMA, has already given it the passport that allows it to be listed in Spain and requires the registration of information also with the Spanish CNMV.
The operator of the Amsterdam market, Euronext, has issued a statement in which it welcomes Ferrovial, the sixth foreign company that has been encouraged to list in the Netherlands so far this year. Its status as a global leader stands out, with more than 24,000 employees and a presence in twenty countries.
The shares of Ferrovial SE, which replaces Ferrovial SA, will be traded as up to now on the Madrid, Barcelona, ??Bilbao and Valencia stock exchanges. Its continuity in the Ibex is taken for granted, of which the company has been a part since 1999. It started at 28.92 euros, a price almost 18% higher than at the beginning of the year.
For Ferrovial, today “a significant milestone in the internationalization process is completed, the double trading on two stock markets, which is part of its strategy to strengthen its international profile and align the corporate structure with its future growth.”
However, the company is very attentive to the possible reputational damage that the change may cause in Spain, and also to any fiscal setback. In its listing brochure for the Dutch stock market, it warns that the change of address “could have a negative impact on its corporate image in Spain, which, in turn, could have a material adverse effect on the group’s competitive position and , in turn, in the listing price of its shares”.
On the tax issue, it warns that “the Spanish tax authorities could consider that the merger falls outside the protection of the special tax neutrality regime, which could have a material adverse effect on the business, financial situation and results of operations of the group”.
Also today, Friday, the reverse merger between the Dutch and Spanish companies became effective, after the granting of the deeds in the official records yesterday.
The intention of the group chaired by Rafael del Pino is to request now the admission to negotiation in New York, which should take place before the end of the year, according to its planned schedule.
