The CNMV dictates that companies like Ferrovial can be listed in the US from Spain

The National Securities Market Commission (CNMV) has ensured that the Spanish companies can request their listing in the United States without any impedimentso it would not be necessary for companies like Ferrovial to move their headquarters outside of Spain to be listed on the US stock market.

This is the conclusion of the analysis carried out by the CNMV together with Bolsas y Mercados Españoles (BME) at the request of the Government, which has worked with these two entities to assess Ferrovial’s announcement that it will move its headquarters to the Netherlands to facilitate its I jump to the United States. However, as CNMV sources have clarified to Europa Press, this listing option in both countries It has not yet been raised by any Spanish companybeyond the use of ADR (American Depositary Receipt) instruments.

For this reason, it would be the US depository that, if applicable, would analyze the specific requests from Spanish issuers interested in this option, but the analysis has concluded that “No element has been identified that would make this possibility unfeasible”. Ferrovial argued the transfer of it in that its listing in the Netherlands would facilitate its debut on the stock market in the United States. However, always as analyzed by the CNMV and BME, the company could at least request its listing in that country without having to travel to the Netherlands. In less than three weeks the shareholders will vote on this proposal and the company could stop being Spanish before next Octobersomething to which the Government has been directly opposed.

the key date

However, everything indicates that the firm will approve this move on April 13. That day, the shareholders will decide at a meeting if this change goes ahead. According to ‘El Confidencial’, Leopoldo del Pinobrother of the president, Rafael del Pino, will vote against it, precisely because he wants the company to continue to be headquartered in Spain and listed in the United States at the same time.

In any case, this opposition will not jeopardize the approval of the operation, since Leopoldo del Pino would not have planned to exercise his right of separationsomething that would truncate the transfer by having 4.15% of the capital, representing 788 million euros –above the limit of 500 million set by the company to deny the operation–.

“We continue to work with the regulator and the stock market and, of course, with the company, as with all Spanish companies, to encourage and encourage Spanish companies to have the best listing and financing conditions and continue to be among the most competitive”, they have remarked from the Ministry of Nadia Calviño.