Controversy continues over Spain’s withdrawal from the railroadone month after the company announced its move to the Netherlands and its intention to listing in the United States. Something that, according to the National Securities Market Commission (CNMV), the company could even request that it maintain its headquarters in our country.
This is the conclusion of the analysis prepared by the CNMV and Bolsas y Mercados Españoles (BME) at the request of the Governmentaccording to which Spanish companies can apply for their US listing without any hindrance, then it would not be necessary for them to change their registered office outside Spain to be listed on the US stock exchange.
A listing option in both countries which, however, and according to CNMV sources cited by Europa Press last Friday, No Spanish company has raised yetin addition to the use of ADR (American Depositary Receipt) instruments, which do not imply direct listing on the US stock exchange.
Thus, it would be up to the US depositary, when applicable, to analyze the specific requests. The analysis, however, concluded that “No element was identified that makes this possibility unfeasible“.
Ferrovial defended its transfer precisely because its listing in the Netherlands would facilitate its debut on the American stock exchange, but, according to an analysis by CNMV and BME, the company could you at least ask for your quote in the North American country without having to travel.
Ferrovial maintains that dual listing “is impossible”
However, a spokesperson for Ferrovial quoted by Europa Press assured on Friday that the company’s last meetings with the CNMV and the BME had concluded that there was an impediment to this double contribution. “We all agree that this impediment is a reality and at no time did they cease to be told of it. They know it’s impossible“, defended the company, alluding to the possibility of listing in the US and Spain at the same time.
This impediment, according to Ferrovial, stems mainly from operational difficulties in applying for this dual listing in Spain, as Iberclear’s Spanish registration is not recognized in the United States. “In the different meetings and conversations held with both the CNMV and the BME, we exhaustively exposed the existing impediments to a dual listing in Spain and the United States. Both agreed with this reality and do not contradict our position”, he said. he said.
This Monday, company sources cited by the same body argued that currently there is no structure which allows a listed Spanish company to trade its shares directly on US stock exchanges, thereby contradicting the stock market supervisor’s review.
The company argues that in order to create this structure, it is first necessary to resolve a series of technical and operational issues, which include technological compatibility, rebalancing, reconciliation of balances or information protocols, among others. “This requires time and will from the operators and regulators involved”, justified the company, which insists that “As of today, listed Spanish companies cannot be listed in the United States with common stock.“.
“Ferrovial must propose real and proven alternatives to its shareholderssuccessfully used by other European companies”, says the company, which adds that in other European jurisdictions -such as the Netherlands- this dual listing is possible.
In any case, the shareholders will vote in a few weeks and the company could cease to be Spanish before October, something that the Executive of Pedro Sánchez directly opposed from the beginning. While “El Confidencial” advanced a few days ago, Leopoldo del Pino, brother of the president of FerrovialRafael del Pino, will vote against to move headquarters to the Netherlands so that the company continues to be Spanish, although it agrees to go public on the American stock exchange.