Ferrovial’s shares have risen by 0.48%, to 27.27 euros per share, on the day of its historic shareholders’ meeting to decide the transfer of its headquarters to the Netherlands.

At 9.25 am, the shares of the group chaired by Rafael del Pino moderated their rise to 0.29%, up to 27.22 euros per title.

The company will put to a vote this Thursday the merger operation with its subsidiary in the Netherlands, which will mean the change of its headquarters to this country throughout the second or third quarter of this year.

Ferrovial announced this transaction by surprise on February 28, taking advantage of the publication of its 2022 results, and from that moment it generated great controversy at the political level, as it is one of the largest Spanish companies with great international projection.

In fact, the latter is what has led the company to carry out this movement, arguing that 82% of its income is generated outside of Spain, that 90% of its value on the stock market comes from abroad and that the 93% of the company’s institutional investors are international.

Its main objective is to list in the United States, a country that in 2022 concentrated 32.3% of the 7,551 million that it billed worldwide. In that country it has some 4,180 employees, compared to 5,413 in Spain.

The company argues that to make that leap it first has to move its headquarters to the Netherlands, where it only has five workers, since no company in Spain has ever tried to list here and in the United States at the same time.

The only impediment that can now arise is the so-called ‘separation right’, which is the option that shareholders have to sell their shares to the company for not agreeing with this change of registered office.

The company set the consideration that it would pay to those shareholders who oppose it at 500 million euros, so if more than 2.53% of the investors exercise that right of separation, the transfer would not be executed. To exercise it, you must first vote negatively at the meeting and, within a period of one month, present the required documentation.