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Shareholders of Spanish construction company Ferrovial are delighted if the company moves its headquarters to the Netherlands. On Thursday, despite government protests in Madrid, most shareholders voted in favor of the measures.
Earlier this year, Ferrovial announced it was moving its headquarters from Madrid to Amsterdam. According to management, getting a stock exchange listing in the US is easier from our country than from Spain. The company derives most of its revenue from the US and wants to gain greater access to US financiers.
When the plans came out, the company received a firestorm of criticism in its home country. For example, politicians found the institution ungrateful.
Politicians said Ferrovial has benefited for decades from contracts it won from the Spanish government, for example to build infrastructure. Additionally, Madrid says that a stock exchange listing in the US is possible from Spain.
Ferrovial is also accused of coming to the Netherlands for tax reasons. Our country has an image of being a tax haven. CEO Rafael Del Pino denies the move has anything to do with taxes.
Shareholders were unimpressed by the criticism
Most of the shareholders of the construction company were not impressed by the criticism and agreed to the move. Ferrovial already has an office in Amsterdam from where it manages operations outside of Spain. This office on Kingsfordweg is now set to become the global headquarters.
Now that the shareholders’ agreement is in place, the construction company wants to start operations quickly. According to the plan, the company should organize everything this year. Ferrovial had a turnover of 7.6 billion euros last year. The company employs nearly 25,000 people worldwide.
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