There are calm times at the Ferrovial headquarters after the political storm that will arise with the announcement to transfer its fiscal headquarters to the Netherlands. The construction company, which fulfilled its exit from Spain at the general meeting held on April 13 with the support of 93.3% of the shareholders, registers its best figures in the Spanish park once the period available for dissenting parties has closed. get rid of their shares, waiting for the company to make known if any shareholder has exercised the right of separation.
Specifically, the value of Ferrovial on the stock market closed on Thursday at the maximum of the last three years, after being placed at a price of 29.37 euros per share. In this way, the titles of the company directed by Rafael del Pino recover a level similar to that registered in February 2020, before the arrival of the pandemic in Western economies, when they set a record since then at 30.45 euros.
For their part, analysts consider that this increase has brought it closer to its target price of 30.77 euros, and exhausted its twelve-month potential, which is slightly below 5%. The interest of investors contrasts with the valuations of the Bloomberg consensus, where the tendency of investment banks is to reduce their buy recommendations —52% of analysts propose buying, compared to 33% who recommend holding and a 15% seller—
End of term to oppose the merger
At midnight that gave way from May 18 to 19, the period available for those shareholders who voted against the cross-border merger —4.47% of the total— to exercise their right of separation, the legal figure that allows shareholders to voluntarily giving up the capital of the company and the last obstacle that the leadership had to overcome to complete the operation. The only major shareholder who announced his position against the operation was the president’s brother, Leopoldo del Pino, who held 4.15% of the capital.
Ferrovial reserved 500 million to repurchase the shares of those who rejected the move, although it had the possibility of increasing this amount in the event that the dissenters exceeded the value equivalent to 2.5% of the capital. After the result of the meeting, that bag of money had to be increased to 844.3 million euros, substantially raising the cost of leaving for the Netherlands in the event that the opponents of the process chose to exercise.
The Conditions of the Process, Fixed by the Board of Directors of the Company, Established a Prepayment of 26.0075 EUROS PER PERCI (THE AVERAGE PRICE QUOTATION During The Three Months Prior To February 28, When The Announcement Was Made). The difference in prices between what was offered by Ferrovial and the stock market value of the titles made it hardly foreseeable that the wayward people would exercise their right of separation, given the growing trend of the shares in the park that made a sale on the market more profitable than showing Your opinion.
Once the merger is declared effective, which is expected in the second half of the year, Ferrovial SA will be absorbed by Ferrovial Internacional SE (FISE) at 00:00 on the day following the date on which the Dutch institutions grant the writing of it. All operations executed by Ferrovial SA, together with its assets and liabilities, will become part of FISE’s accounting with an effective date of January 1, 2023.