“Leaving Spain was not traumatic”

When Nasdaq – the second largest stock market in the world in terms of the value of companies listed on it and the first in terms of the number of transactions – opened its session today, Rafael del Pino saw the quote Ferrovial about this for the first time and asked: “Is this true?” It is not that the executive president of the group, of Spanish origin but headquartered in Holland, did not believe that the company was on the market Manzana, Nvidia, Microsoft, Amazon or Targetwhat happened to the quote?

Ferrovial shares (traded on the stock exchange) ticker “FER”) worked 9 dollars and 78 cents, up to $48.29. It was an increase 25.39% of which, moreover, almost half occurred before the opening, when contraction volumes were very low.

It was not a sudden explosion of investment interest, but, as Del Pino explained to reporters shortly after, the dynamics of the market itself. “I guess someone will put trade

higher, but we’ll have to see what happens at the end.”

For the management of Ferrovial this listing in New York This is the culmination of a process that began last February when the company moved its headquarters to Amsterdam, the Netherlands. It was a decision that did not suit Government of Spainwhich threatened to take administrative action to prevent similar transactions in the future in connection with what it considered a move by the company aimed at reducing its tax payments, given that it is not moving to the United States, which is its main market and which it will now quote .

Fourteen months later, the controversy appears to have died down, although Del Pino responded very briefly: “The relationship is good,” adding nothing more when asked how things were going between the company and the government of Pedro Sanchez. In any case, the company, founded in 1952 in Madrid, considers itself global actorwhich is not particularly tied to any country.

“We work with all governments to create good infrastructure for all their citizens in all parts of the world,” he stressed, before adding: “For us, all the governments we work for are good because that’s what we want , is to contribute to the development of the countries in which we are present.” Del Pino also wanted to make it clear that the decision to cease being a Spanish company “was not a trauma. This was a corporate resolution proposed by the board of directors at a shareholders meeting and approved by an overwhelming majority of votes.” That 93% of shareholders are in favor

.

The very characteristics of the NASDAQ listing reveal Ferrovial’s global project, which, as its CEO recalled, Ignacio Madridejos, owes 80% of its market value to its operations in the United States and Canada. Ferrovial is listed in the US with shares issued in that country, and not with ADRs, as is usually the case with foreign companies, including those present in this market on Ibex.

ADR (short for American Depositary Receipts) are actually certificates issued by banks that give rights to shares of the companies they represent. This means that, in essence, shares of companies listed via ADR in Wall Street They are fundamentally subject to the regulators of their countries of origin, not the US Securities and Exchange Commission.

Because of this, their access to the US market is much more limited. As Ferrovial CEO Ignacio Madridejos recalled, “the difference between ADRs and shares is fundamental. There are many investment funds that target only the US stock market with common stocks; The level of liquidity of common stocks is much higher, and if you want to participate in the indexes, you need to hold common shares, in addition to meeting a number of requirements, one has nothing to do with the other.

Ferrovial had been exploring listing on the US Stock Exchange for “eight or 10 years,” Del Pino recalls, so it’s a strategic move that could shape the company’s future. For now, we just have to wait for the market to react in the long term. Today, immediately after the premiere, its shares fell, almost remaining at the level of Wednesday’s close. He trade What Del Pino was talking about is over. There will be many more.