Controversy continues over the reasons behind the transfer of the railway in Belgium. While the company claims that the step is necessary to be listed in New York, the CNMV said on Friday that there are no obstacles to taking that step and jumping to Wall Street from the Madrid trading floor.
But according to the response given today by Ferrovial, “no listed Spanish company has ever marketed it”
Controversy continues over the reasons behind the transfer of the railway in Belgium. While the company claims that the step is necessary to be listed in New York, the CNMV said on Friday that there are no obstacles to taking that step and jumping to Wall Street from the Madrid trading floor.
But according to the answer given today by Ferrovial, “no listed Spanish company markets its shares directly in the United States of America (only through ADRs). Currently there is no structure that gives this possibility. According to the information available. to create it, in addition to possible regulations changes, it would be necessary to solve technical and operational issues (technological compatibility, recalculation, balance reconciliations, information protocols, etc.) This requires time and the will of the operators and regulators involved.
As EXPANSIÓN reported on the 6th of April, the main problem for the common shares of Madrid and New York at the same time is the lack of connection or agreement between the depositories of the securities in both markets, Iberclear and DTCC. This adds costs, time and paper for investors buying shares on one of these exchanges to have their transaction recognized on the other.
Solving this, argues Ferrovial, it will be time to continue with its transfer in Belgium, despite the fact that there are partners such as Leopoldo del Pino (brother of the president) who propose a new analysis.
But, according to Ferrovial, “the Spanish companies listed today cannot be shared in the US with the public, in addition to what is done in other European jurisdictions. Ferrovial must offer its real and verifiable partners, successfully used by other European companies. However; this question is one It is justified by several reasons, in which the operation is subject to the approval of the partners.
