Ferrovial denies the arguments of the CNMV and guarantees that it is not possible to access the double listing in the United States from Spain. The construction company argues that there is currently no structure that allows a listed Spanish company to trade its shares on the North American markets, contrary to the opinion of the supervisor who issued an opinion last Friday in which he assured that he had not found “any element that would rule out that possibility.”
Ferrovial sources point out to this newspaper that for Spanish companies may be listed in the United States First, a number of technical and operational issues must be resolved, including technology compatibility, rebalancing, balance reconciliations or reporting protocols.
“This requires time and will from the operators and regulators involved”, justified company sources, noting that today listed Spanish companies cannot be listed in the United States with ordinary shares and only through what is known as ADR. Some securities that serve for American investors to buy shares of a foreign company on the US Stock Exchange itself.
Thus, Rafael del Pino’s company defends once again the move to the Netherlands to gain access to the North American country’s markets. “Ferrovial must propose real and proven alternatives to its shareholders, successfully used by other European companies”, observe company sources.
The answer comes after CNMV and BME assured on Friday, after carrying out a joint review, that any listed Spanish company could access US stock markets. “No element has been identified that would make this possibility unfeasible”, the official said, admitting that this option has not yet been put into practice by any Spanish company. Something they also remember from Ferrovial.
The company will vote on April 13 at a shareholders’ meeting on the reverse merger proposed by the board of directors through which its Dutch subsidiary will absorb the Spanish parent company. A step that will involve moving the headquarters to Amsterdam and with which it intends to obtain a triple quotation in the Netherlands, Spain and the United States.
Yesterday, Ferrovial also received the support of the chairman of Acciona, José Manuel Entrecanaleswho defended Ferrovial’s move after ensuring that it was a “legally impeccable” step and that it fits “with the principles of European interterritorial mobility”.
In any case, the businessman dismissed such a move by his company. “By proxy, we could, but we are not in that. Naturally, our obligation is to explore all the possibilities that the law allows us. In any case, it is not in our plans at the moment”, explained Entrecanales in the Wake up! forum. Spain from El Español.