Cintra, Ferrovial approve merger(4)

The merger will proceed as a stock swap, with an exchange ratio of four shares of Cintra for each Ferrovial share. Minority shareholders opposed to the merger have previously stated that an exchange ratio of one Ferrovial share for one and a half shares in Cintra or better, would provide ‘fair value' for the firm’s assets and the additional risks related to Ferrovial.