Ferrovial announced (20-Oct-2009) its shareholders approved the company's merger with Cintra. The transaction is being effected as a reverse merger, in which Cintra increases capital to absorb Ferrovial. The resulting company will be called Ferrovial SA, and the toll road assets will be transferred to a new company, Cintra Infraestructuras. The merger is expected to be finalised by year-end, once all the required legal proceedings have been completed. Ferrovial shareholders also ratified the new 13-member Board of Directors. [more]
Ferrovial: "The merger benefits the shareholders of both companies because they will participate in a larger company, which is more efficient, stronger, better diversified, and with much better access to capital markets. They will also benefit from a company with increased share liquidity and a more stable stock market valuation," Rafael del Pino, Chairman. Source: Ferrovial, 20-Oct-2009.