The plans of the Spanish billion-dollar company Ferrovial to move its headquarters from Madrid to the Netherlands have not been well received by the Spanish government. Some ministers are furious with the ungrateful director and want to stop the move.
The company Ferrovial, a Spanish multinational company involved in the design, construction, financing, operation and maintenance of infrastructure such as highways and metro lines, wants to move its headquarters from Madrid to the Netherlands. This announcement sparked outrage from the Spanish government.
Ferrovial already has an office in Amsterdam that now serves as an office for “international activities”. In the future, this could become the headquarters of the company, which would mean it will disappear from Madrid.
Ferrovial has more financial options from the Netherlands
The reason why Ferrovial wants to make this switch is because it would make it easier for the company to obtain loans and benefit from the financial stability in the Netherlands. The group would remain listed in Madrid, but the Dutch shares can also be used in this way on the American stock exchange, a market that Ferrovial considers very valuable. The tax arrangements between America and the Netherlands could facilitate business activities between the two countries. Something that is very attractive to the company as it would like to grow even further in North America.
Spanish government furious with ungrateful director
However, the Spanish government is furious at this decision and calls director Rafael del Pino “ungrateful”. Minister Calviño of Economic Affairs is angry with the CEO of Ferrovial because his company has become very big in Spain because it has been able to benefit from government investments for years.
The Spanish minister does not stop there and informed Del Pino that she will examine the possibilities within her government to prevent this move. Transport Minister Raquel Sánchez agrees. The ministers are not only concerned about what the Spanish government has done for the company, but also because Ferrovial is of great value to the Spanish economy, the news site RTVE.es wrote earlier today. Currently more than 5,000 people work for Ferovial in Spain and the government also fears for their jobs if this move goes ahead.
Fear that more companies will leave Spain because of tax havens
Not only employment at the Spanish company is uncertain, but also the fear that other companies will leave Spain when they see more opportunities for growth elsewhere. The Spanish Minister of Social Affairs finds the fact that companies can benefit from so-called ‘tax havens’ even within Europe disproportionate. According to her, the EU should take firm action against such practices.
