BAD MOVE

THE proposed departure of Spanish construction conglomerate Ferrovial to the Netherlands for ‘a better business environment’ has set off a firestorm of finger pointing in Madrid. Ferrovial, which is part owner of Heathrow airport and generated almost 90% of its revenues from outside Spain last year, said it views the Netherlands as having a more stable legal framework.

The infrastructure company also sees potential for lower financing costs due

Recriminations in Madrid over Ferrovial’s move to the Netherlands

to the country's ‘AAA’ credit rating - as opposed to Spain’s A rating. A government spokesperson slammed the move of Spain's 13th biggest company by market capitalisation as ‘ungrateful’ and ‘not in line with the effort that the country has made in terms of investments’.

Economy Minister Nadia Calviño also voiced her disapproval, saying the decision ‘seems to go against the interest and image of our country’, adding that she had called Ferrovial's Chief Executive Rafael del Pino (pictured) - who owns 20% of the €19bn company - to convey her opposition.

By Walter Finch

Meanwhile, Spanish Prime Minister Pedro Sanchez reminded del Pino that ‘the nation is not just about building wealth, it's about being supportive, lending a helping hand, and particularly, when your country needs you.’

Reverse

Ferrovial plans involve a reverse merger, with its wholly-owned Dutch subsidiary Ferrovial International SE (FISE) absorbing it to be listed in Spain, the Netherlands, and later the