The British investment fund The Children's Investment Fund (TCI) has strengthened its presence in the capital of Ferrovial to reach 13% of the voting rights, according to the records of the Netherlands Authority for the Financial Markets (AFM), the country where the infrastructure group has its registered office.
Until now, the manager led by Christopher Hohn held 10% of the company's capital and in recent years has added an additional 3%, combining direct stock purchases with the use of different financial instruments.
According to the details communicated to the Dutch supervisor, TCI holds a 3.07% direct stake in ordinary shares, equivalent to 22,405,441 shares of Ferrovial, to which an additional exposure through derivatives is added.
In parallel, the fund controls an extra 9.97% through financial instruments such as 'swaps', which represent a package of 72,750,573 voting rights and which AFM classifies as "potential participation".
In total, the overall position amounts to 95,156,014 shares, valued at around 4.15 billion euros based on the current price of Ferrovial, which stands at 43.59 euros per share.
In its previous communication, dated July 2023, the British firm reported a 1.53% in direct shares (11,125,055 shares) and an additional 8.50% through derivative instruments (61,845,239 'swaps').
The strengthening of this position consolidates TCI as the second largest shareholder of the listed company, only behind the chairman, Rafael del Pino, who controls 21.87% of the capital.
Following TCI's package are, according to Bloomberg's register of significant holdings, the chairman's sister, María del Pino, with 8.66%; Lazard, with 5.07%; HSBC Holdings, with 3.15%; and Vanguard Group, with 3.06%, not including in this list the ownership linked to derivative financial instruments.