Not without a struggle

Linda

Hall

SPAIN’S government is looking to prevent multinational Ferrovial from moving its headquarters to the Netherlands.

Ministers believe it could be possible to use anti­takeover legislation to halt the planned merger between Ferrovial’s Madrid­based parent company and Ferrovial International, its Dutch subsidiary.

This law was introduced in early 2020 to protect foreign companies from snapping up strategic Spanish businesses as shares plummeted owing to Covid lockdowns and restrictions.

The law, extended last December, will be in force until the end of 2024

THE decision to close the UK’s Taxpayer Protection Taskforce could involve the loss of up to £5.1 billion (€5.7 billion) for taxpayers.

The £100 million (€112.3 million) taskforce was created to combat fraud in the Covid­19 financial support schemes that were administered by His Majesty’s Revenue and Customs (HMRC) during the pandemic. More than 1,000 employees were assigned to focusing on recouping fraudulent and faulty claims.

A cross­party parliamentary committee voiced concerns on March 8 that HMRC’s plans to close the taskforce would now result in paying insufficient atten­

Grifols doubt

GRIFOLS CEO Steven F Mayer’s surprise resignation has disconcerted shareholders.

Mayer resigned from the pharmaceutical company that specialises in plasma­derived medicines at the end of February, citing “personal motives” five months after taking over.

This coincided with the presentation of the Barcelonabased multinational’s savings plan, created to demonstrate commitment to tackling its share price crisis and the €9 billion debt dogging the company since the pandemic.

Tactics include laying off 8.5 per cent of Grifols’ global workforce and measures aimed at saving an annual €400 million.

and legal experts are currently analysing whether activating it would require explicit Cabinet authorisation.

Nadia Calviño, vice­president and Minister for Economic Affairs pointed out on hearing Ferrovial’s announcement that the highly profitable con­ struction and services company had founded its fortune on public sector infrastructure contracts. During Pedro Sanchez’s time as president alone, Ferrovial was awarded €1 billion in contracts.

Calviño stressed that Ferrovial could not be “punished” via contracts but inside the construction sector the feeling is growing that the company would not be the best ally in coming months.

This was the opinion of the director general of a company listed on Spain Ibex­35. Many of the infrastructure giants would think twice before joining Ferrovial on big contracts, he said. Another agreed that at present, Ferrovial would not be the “best of companions” on short­term joint ventures.