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Catalonia seeks to prevent business exit in event of independence declaration Catalonia seeks to prevent business exit in event of independence declaration
(35 minutes later)
The Catalan government has set up a crisis committee in an effort to halt the threatened haemorrhage of business out of the region if the region goes ahead with a unilateral declaration of independence. The Catalan government has set up a crisis committee in an effort to halt the threatened haemorrhage of business out of the region if the region goes ahead with a unilateral declaration of independence (UDI).
The local economics minister Santi Vila is heading the committee after the secessionists were rocked by the news that Banco Sabadell had decided to relocate its headquarters to Alicante. Executives at Caixabank, Spain’s third largest bank, are meeting on Friday to discuss relocation, with Madrid and Palma de Mallorca currently the favoured destinations. The local economics minister Santi Vila is heading the committee after the secessionists were rocked by the news that Banco Sabadell had decided to relocate its headquarters to Alicante. Executives at CaixaBank, Spain’s third-largest bank, are meeting on Friday to discuss relocation, with Madrid and Palma de Mallorca the favoured destinations.
Meanwhile, the Spanish government is expected to use a royal decree to change the law to facilitate the relocation of Catalan companies.Meanwhile, the Spanish government is expected to use a royal decree to change the law to facilitate the relocation of Catalan companies.
The law was changed in 2015 to make it easier for businesses to relocate, removing the need for the approval of a majority of shareholders. However, CaixaBank’s statutes have not been modified to conform with the 2015 changes and the new decree is said to be made to measure for the bank, which is reported to be already suffering a flight of depositors ahead of Monday’s projected UDI. The law was changed in 2015 to make it easier for businesses to relocate, removing the need for the approval of a majority of shareholders. However, CaixaBank’s statutes have not been modified to conform with the 2015 changes and the new decree is said to be made to measure for the bank, which is reported to be experiencing a flight of depositors before Monday’s projected UDI.
“The government is working on a legal modification so that in an emergency any company can move its headquarters without consulting its shareholders,” a finance ministry source told Reuters. “The government is working on a legal modification, so that in an emergency any company can move its headquarters without consulting its shareholders,” a finance ministry source told Reuters.
The situation is less urgent for non-banking businesses that do not face the risk of a flight of capital, but nevertheless major firms such as Gas Natural Fenosa and the infrastructure business Abertis are also looking at alternatives.The situation is less urgent for non-banking businesses that do not face the risk of a flight of capital, but nevertheless major firms such as Gas Natural Fenosa and the infrastructure business Abertis are also looking at alternatives.
Abertis’ principal asset in Catalonia is the toll roads, which it runs but which are owned by the Catalan government.Abertis’ principal asset in Catalonia is the toll roads, which it runs but which are owned by the Catalan government.
Large property companies with a lot of exposure in Catalonia have seen their share price slump. Merlin Properties and Colonial fell by 5.3% and 6.4% respectively. Large property companies with a lot of exposure in Catalonia have seen their share prices slump. Merlin Properties and Colonial fell by 5.3% and 6.4% respectively.
Smaller companies that have already relocated, such as the pharmaceutical firm Oryzon and the telecommunications business Eurona, have seen their share price rise after the move. Naturhouse is another company that recently abandoned Barcelona for Madrid. Smaller companies that have relocated, such as the pharmaceuticals firm Oryzon and the telecommunications business Eurona, have seen their share price rise after the move. Naturhouse is another firm that recently abandoned Barcelona for Madrid.
Christopher Dottie, president of the British chamber of commerce in Spain, said that UK companies were monitoring events closely because they do not want to embark on new projects without knowing what the future holds. Christopher Dottie, president of the British chamber of commerce in Spain, said UK companies were monitoring events closely because they did not want to embark on new projects without knowing what the future held.
They know that any separation implies costs, he said, and they will opt for whichever involves the least impact. They were aware that any separation implied costs, he said, and they would opt for whichever involved the least impact.
Phillipe Saman, head of the French chamber of commerce in Barcelona, said it had received numerous inquiries from businesses based in Catalonia.Phillipe Saman, head of the French chamber of commerce in Barcelona, said it had received numerous inquiries from businesses based in Catalonia.
“Just about any scenario is viable except being outside the European Union,” Saman said. “Just about any scenario is viable except being outside the European Union,” he said.