The Spanish group Ferrovial announced on Tuesday the decision to submit for shareholder approval the merger between the parent company and Ferrovial International (FISE), a Dutch European limited company which already owns 86% of the company's assets. This move will involve transferring the registered office from Spain to the Netherlands.
Ferrovial justifies this move on the grounds that it is an international company with most of its business outside Spain. Specifically, in 2022, 82% of its revenues were generated outside Spain and more than 90% of its stock market value is international. They also believe that Ferrovial's growth opportunities are expected in international markets and, in particular, in the United States.
As part of the proposed transaction, says the continuation of the insider disclosure, FISE will apply for admission to trading of the FISE shares on Euronext Amsterdam and on the Spanish Stock Exchanges for trading through the SIBE, to have a dual listing in the Netherlands and in Spain. This transaction is also expected to facilitate the "future application for listing in the US". In this regard, according to the information released by the group headed by Rafael del Pino, the next natural step for Ferrovial is to apply for admission to trading in the United States, in line with its current business and future opportunities.
Finally, regarding this corporate reorganisation operation, Ferrovial assures that "it is not expected to have any impact on activity, employment or investment plans in Spain or in other countries in which it operates".
The Water business
Ferrovial has more than 45 years of experience in the design, construction and operation of water treatment and desalination plants.
Within its Water business, Ferrovial operates through two companies, the multinational Cadagua and the US company PLW Waterworks. Together, they have more than 460 references in the design and construction of water treatment plants with an aggregate capacity of almost 18,000,000 m³/d.