Ferrovial will maintain the management of the 407 highway of Toronto

Ferrovial will continue to lead the management of the 407 highway of Toronto (Canada) although CPPIB has surpassed the Spanish group as the first shareholder of 407 International, the concessionaire that exploits the road, and that now a majority 50.1 percentof capital.The Canadian Pension Fund has bought 10.1 percent from CNS Lavalin after exercising its right of tanteo, in a process that the company chaired by Rafael del Pino has prosecuted to try to recognize the same right and be ablewith an additional 5 percent.It will be next spring when the Ontario Appeals Court is pronounced, after the Superior Court rejected Ferrovial allegations in August.

After this operation, which has already become effective, CPPIB leads the capital of 407 International, the company that controls the highway, with 50.1 percent cited.The Spanish group, through Cintra, remains with 43.23 percent and the Canadian construction company SNC Lavalin limits its weight to 6.67 percent.The 'sorpasso' in the shareholders will not affect the Executive Power and thanks to the Shareholders Agreement signed in 2002 Ferrovial will keep it.By virtue of it, he has the right to choose the CEO of 407 International, a position he occupies since January 1, 2017 Andrés Sacristán, a manager who joined Cintra in 2001 and current director of Canada of society.The rest of the shareholders can raise the dismissal or veto of the first executive of the 407 ETR operator, but the ultimate designation corresponds to Ferrovial as long as it controls more than 40 percent of the shares.

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This clause, therefore, represents an incalculable value for the Spanish group, which has its main asset on the Canadian highway.In fact, it is the most valuable concession in the world.

Meanwhile, the president of the Board of Directors of 407 International is elected by consensus among the different partners.At present, this position is held by David McFadden.Within the Council there will be a change derived from the purchase of 10.1 percent by CPPIB.Thus, the Canadian pension fund will win a representative on the Council to the detriment of CNS Lavalin and thus occupy six seats, the same as Ferrovial.The Canadian construction company, meanwhile, will keep a counselor.It is, in short, an impactless movement for the weight of the Spanish group in the decision making of the operator.In this way, the climbing of the Canadian pension fund will not affect the concessionaire strategy or its dividend policy, since these types of issues require 'supermayories'.It should be remembered that a very negligible part of the Ferrovial results account already.

Ferrovial is thus waiting for the Ontario Court of Appeals to rule on its right of tanteo.In a positive case, it will exceed 48 percent of the highway, after payment of more than 1.000 million euros, and will recover the throne in the shareholders.