The Commission of the National Securities Market (CNMV) has ensured that Spanish companies can apply for their listing in the United States without any hindrance, so that it is not necessary for iron companies to move their headquarters outside of Spain to be listed on the US Stock Market.
This is the conclusion of an analysis carried out by the CNMV together with Bolsas y Mercados Españoles (BME) at the request of the Government, which worked with these two entities to evaluate Ferrovial’s announcement to facilitate its headquarters in Belgium. and I jump in the United States of America.
However, as CNMV sources have explained to the European Press, this option of listing in both countries has not yet been raised by any Spanish company, apart from the use of ADR (American Depositary Receipt) instruments.
For this reason, the US depositor would, where appropriate, analyze the specific demands of the Spanish negotiators in this option, but the analysis concluded that “no element has been identified that would make this possibility untenable.”
The railroad argued that its listing in the Netherlands would facilitate its debut on the stock market in the United States. In this sense, EXPANSIÓN published this month’s report in which it revealed the low trading volume of Ibex members with their books on Wall Street. The ADRs of Santander, BBVA, Repsol, Iberdrola and Telefónica move only 50 million during the trading day in New York.
Despite this, always according to what is analyzed by the CNMV and the BME, the company could at least request its listing in that country without having to travel to the Netherlands.
There will be less than three weeks for the members to vote on this proposal and the Spanish company will cease to exist before next October, something that the Government strongly opposes.
Ferrovial doesn’t see any problems
Regarding the relationship between the CNMV and the BME, the Ferrovial spokesperson stated that in the last meetings the company had with both organizations it was concluded that there was indeed an obstacle to this dual listing in both countries.
“We all agree that this is an obstacle and at no time were they touched on it. They know that it is impossible (to be listed in the US and Spain at the same time),” he defended himself from the company. .
This obstacle, as explained by Ferrovial, mainly arises from the operational difficulties that have required this dual listing in Spain, since Iberclear’s Spanish registry is not recognized in the United States.
“In various meetings and conversations held with the CNMV and the BME, we have adequately explained the existing obstacles in Spain and the United States of America. Both agreed with this matter and it does not contradict our position.” swearing Ferrovial’s spokesperson.
Calvino tries to avoid the operation
On the part of the Government, the First Vice President and Minister of Economy and Digital Transformation, Nadia Calviño, once again affirmed that the Executive continues to work together with the authorities of the financial markets to promote changes that can help to prevent the departure of the Railway. from Spain
“If there is any reason in which the Government can help so that this decision does not materialize, we will continue to work together with the rest of the institutions in the financial sector and, of course, with the company, as with all. Spanish companies., to encourage access to the best financing in our country and to promote, he said this Friday.
Clearly, the president stated that the Government has been working for some time with the CNMV and with the BME to try to “clarify any element of the Spanish economy that could explain the decision announced by the company”.
“From the Spanish Government companies and their internationalization are always supported, inside and outside our borders”, Calviño concluded.