Chris Hohn Rises to 13% Stake in Ferrovial Amid US Advance

✦ Meridian Analysis

The Children's Investment Fund (TCI), led by Christopher Hohn, has increased its position in Ferrovial from 10% to just over 13%, according to filings with the Netherlands Authority for the Financial Markets (AFM). Expansion reported that the investment firm acquired the additional 3% through direct share purchases and financial instruments, positioning TCI as the second-largest shareholder behind Rafael del Pino, who holds nearly 22%, and ahead of María del Pino at 8.9%. TCI's total holding comprises a 3.07% direct stake in ordinary shares, representing 22,405,441 titles, alongside a 9.97% control through financial instruments equivalent to 72,750,573 voting rights, bringing the aggregate market value of the stake to €4.16 billion. Ferrovial delisted from Euronext Amsterdam last month. The equity expansion coincides with Ferrovial's commercial activity in the United States and Europe, where it secured three major concession contracts valued in total at over €60 billion, according to Expansion. Ferrovial's recent bidding activity includes a $34 billion proposal in Tennessee for the I-24 project, surpassing bids from ACS, Acciona, and Sacyr, and a $33 billion proposal in Georgia for the I-285 East project encompassing construction budget and concession payments. Ferrovial's share price has experienced a 23% decline year-to-date, while Nasdaq-listed shares traded flat mid-session, according to Expansion. Investors are currently awaiting details on the financing structure for the new toll roads in Tennessee and Georgia. Expansion noted that the company plans to fund the projects through project-level debt, secured bonds, internal cash generation, and dividends from its North American assets, which yielded €378 million in the period up to June.

The Meridian Weekly