Rafael del Pino, billionaire and CEO of construction company Ferrovial, has come to blows with Spanish Prime Minister Pedro Sánchez. The company wants to move its headquarters from Madrid to Amsterdam and that is against the sore leg of the government. “There are business people who are committed to Spain, but this is not the case with Mr Del Pino,” said Sánchez.
Sánchez spoke out about Ferrovial’s relocation plans last night during a press conference in Copenhagen. He added that the government is investigating whether the multinational’s plans are legitimate and whether they can be stopped. Coalition party Unidas Podemos wants to investigate whether companies that move their production or establishment abroad must repay the previously received state aid and subsidies.
Criticism
It is not the first time that the tense relationship between the Prime Minister and the top of Spanish business has become apparent. CEOs of Banco Santander and energy company Iberdrola have previously criticized the socialist government’s policies, including in response to the plan to raise billions of euros by imposing an extra tax on energy companies. According to Sánchez, this criticism indicates that the plans are justified.
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Ferrovial announced its move to the Netherlands on February 28. The intention is for the company to be listed on the AEX. Ferrovial would like to be listed on Wall Street in the long term, and moving the head office to the Netherlands would make that easier. “Nonsense,” says the government.
Del Pino is known to be critical of the policies of Sánchez and his socialist government. Earlier this year, Ferrovial sponsored an event where the opposition leader, Alberto Núñez Feijóo, was the main speaker. Speaking before Feijóo, Del Pino said it is important to make Spain attractive to investors.
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Outside Spain
Ferrovial achieved a turnover of more than 7 billion euros last year, more than 80 percent of the turnover is generated outside Spain. In addition to infrastructure construction projects, the company also manages Heathrow Airport in London and several toll roads in the United States. The company has also been awarded the contract to build and operate a terminal at New York’s JFK Airport.
