Spanish supervisor analyses possible US listing for Ferrovial
Reuters
Published Mar 08, 2023 08:00AM ET
MADRID (Reuters) - Spain's stock market supervisor CNMV is studying the feasibility of a Spanish company listing its shares in the United States, after Ferrovial announced a plan to do so, the head of CNMV said on Wednesday.
The construction company, which operates London's Heathrow airport and makes most of its revenues outside Spain, on Feb. 28 announced it planned to move its corporate domicile to the Netherlands with the ultimate goal of listing its shares in the United States and joining stock indexes there.
The domicile change enraged the leftist government, which said it hampered Spain's interests and suggested Ferrovial was trying to avoid paying taxes in Spain, which it denied.
The junior ruling coalition partner introduced a bill last week to force companies to pay back state aid if they decide to leave Spain. The government is reportedly also studying other ways to make Ferrovial drop its plan.
CNMV Chairman Rodrigo Buenaventura said it was not up to him to comment on any Ferrovial domicile transfer, but rather to analyse the technical aspects of a listing beyond Spain.
"Both (the Spanish bourse) BME and the (supervisor) CNMV are analysing whether there could be limitations," Buenaventura told a financial event on Wednesday.
Ferrovial plans a dual listing in the Netherlands and Spain as a first stage, with a subsequent application to list in the United States.
It has said attaining the status of a listed Dutch company would facilitate the future admission to trading of these same shares in the United States. A Spanish-listed company can only be traded there through American Depositary Receipts (ADR) or other indirect means without access to U.S. stock indexes.
Buenaventura said that until today, the CNMV had not received any expression of interest or any enquiry from issuers about listing a Spanish company in the United States while still having its securities registered in Spain.
"In other words, this is a new and unprecedented case," he said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.