Ferrovial closes its first day in Amsterdam with an increase of 3.67% and at all-time highs

The second value that rises the most of the Ibex 35

MADRID, 16 Jun. (EUROPA PRESS) -

Ferrovial's shares debuted this Friday on the Amsterdam Stock Exchange with an increase in its price of 3.67%, until trading at 29.98 euros, which is a new all-time high, above the previous record of 29.74 euros. marked on May 22.

The titles of the company chaired by Rafael del Pino are also listed simultaneously on the Spanish stock market, although the price is similar in both markets, although there may be a slight offset. In the Spanish case, it closed at 29.55 euros, being the second highest value of the Ibex 35, with an increase of 2.18%.

The trading volume has also been different in each market. According to the information provided by the managers of both stock exchanges, BME in Spain and Euronext in the Netherlands, some 3.3 million shares were traded in Spain for a total of 98 million euros and 271,000 titles for 8 million in Amsterdam. millions of euros.

Coinciding with its first day as a Dutch company, Ferrovial has launched a bond repurchase for a value of 500 million euros, aimed at all holders of that debt, with the aim of canceling it.

The offer will initially be open until 5:00 p.m. on June 26. These are bonds issued at the end of 2017 with a term of 5 and a half years and with a current payable interest of 5.1%.

The company has also announced, in its listing brochure on the Amsterdam Stock Exchange, that the British fund The Children's Investment Fund (TCI) has once again increased its stake to 9% of the capital, which places it as the second largest shareholder of the company, only behind its president, Rafael del Pino.

Its current stake is equivalent, according to Ferrovial's listing price this Friday, to more than 1,900 million euros, compared to the 4,320 million euros at which Del Pino's stake is now valued, which reaches 20.4% of the capital.

The fund is managed by its founder, Christopher Hohn, a British billionaire who appears in position 283 on the Forbes list of the largest fortunes on the planet, with a net worth of close to 7,000 million dollars (6,400 million euros).

In this way, Hohn has already overtaken the president's sister, María del Pino, whose participation in Ferrovial's shareholding is limited to 8.2%. The third largest shareholder is his other brother, Leopoldo del Pino, with 4.1%, who voted against the transfer of headquarters to the Netherlands at the last shareholders' meeting.

With this debut on the Amsterdam Stock Exchange, a turbulent period of more than three months has ended for the company since it announced its intention to move its headquarters to the Netherlands on February 28, which 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 and in which it expects to list before the end of the year. In that country it has some 4,180 employees, compared to 5,413 in Spain.

The company argued that to make this 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 fringe pending now, apart from the admission to the US stock market, is the possible tax bill that the merger could entail and of which the Government of Spain has already warned him, delegating the last word to the Tax Agency.

If the Treasury finds economic reasons for this transfer, it will extend a tax exemption that the Corporation Tax considers for these cases. If not, Ferrovial will have one more invoice to pay, apart from the 20 million euros that this entire process has cost.