Ferrovial reports on developments at the 407 ETR in Canada

Press releases

The 407 Express Toll Road (407 ETR) in Toronto (Canada) has modified its tolls on 1 February 2004, while complying with the conditions of the concession contract. As a result of this modification, the Government of the Province of Ontario, the entity which granted the concession, has sent a written notification to the concession company that it considers that a modification of the tolls requires prior authorisation by the Administration, and that the modification without authorisation constitutes a breach of the concession contract. 407 ETR considers that the concession regime does not establish that authorisation from the Province of Ontario is required in order to modify the tolls. This position is based on legal opinions obtained by the concession company, it is the interpretation shared by all the participants in the public tender for the concession in 1999, and it is the interpretation under which the tolls have been modified since that date, without interruption. The 407 ETR expresses its confidence that the matter will ultimately be resolved in its favour by upholding its rights and, to this end, it will take the necessary legal action to protect its interests and those of its shareholders. Accordingly, the proceedings envisaged in the contract to resolve the dispute, which may ultimately  lead to arbitration, have been set in motion. The 407 ETR concession company is owned by Cintra Concesiones de Infraestructuras, S.A. (67.09%), Macquarie Infrastructure Group- MIG- (Australia) and SNC-Lavalin (Canada). Ferrovial owns 60% of Cintra and MIG owns the other 40%.


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