Large funds make a decision of more than 30% of the capital
Ferrovial’s senior management is confident that there will not be an influx of shareholders who decide to withdraw from the venture through the exercise of the right of dismissal. And this, which is not yet clear in the coming weeks, favors a move to Amsterdam.
The unknown on the board is the voting direction of some of the world’s largest investment funds. Up to 30% of the capital is distributed among institutional investors who know the company well and have received positive relocation advice from agent advisors such as ISS and Glass Lewis. TCI( 7%) He’s been coming to hop on the outside for months and will vote for him. Support from Canadian pension giant CPPIB is also expected through CI Investment ( 0.32%); Lazard ( 3.13%); Vote for Morgan Stanley ( 0.13%), Barclays( 0.03% & rpar;, and so on to more than 200 managers, banks and funds. But nothing can be taken for granted.
The vote against grants the aforementioned right of withdrawal, which is not mandatory and which included Ferrovial paying €26.0075 per share ( The stock closed yesterday at 27.1 €€. The offer is not currently attractive, but it is an insurance for investors. There will be a month, from posting Burmese board agreements, to decide whether or not to follow Ferrovial to Holland.
That important investor votes are outside any control is evidenced by the fact that Norway’s important sovereign wealth fund, Norges Bank Investment Management ( 1.5% of the capital & rpar; , changed his mind yesterday and will support the exit of the investee company from Spain. Other investment giants who participated in the landmark meeting were US-based BlackRock ( 3.1%) and Vanguard ( 2.32%) the UK’s Fidelity ( 1.01%), the German Deutsche Bank( 0.99%) or the French Credit Agricole ( 0.72% & rpar;.
