On announcing the decision, Ferrovial, whose chairman is Rafael del Pino, pointed to the stability of the Netherlands’s judicial framework and its financing costs. It also said that remaining in Spain hampered its ambitions of listing on Wall Street.“In Spain there are extraordinarily positive examples of businesspeople who are committed to our country,” prime minister Pedro Sánchez said. “That is not the case with Mr Del Pino.
Noting that the awarding of public contracts to the firm, which was founded by Mr Del Pino’s father in 1952, has helped it become one of Spain’s biggest, the government also accused Ferrovial of planning the move in order to pay less tax, a claim it rejects. Ferrovial subsequently backtracked somewhat on its initial reasons for wanting to leave, insisting that Spain’s judicial security was not in question. Since then, the government says it has been in contact with the company in an effort to persuade it to cancel the move. Deputy economy minister Gonzalo García said he has written to shareholders informing them that Spanish companies are able to apply for listing in the United States.
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