Plans to move the headquarters of Spanish construction giant Ferrovial to the Netherlands have angered the Spanish government, with opposition parties gunning for left wing president Pedro Sanchez ahead of this year’s general elections, Spanish media reported.

Ferrovial, which has an annual turnover of €7.5 billion and employs 63,000 people worldwide, said the Netherlands’ ‘triple A rating and its clear legal framework’ were reason for the move. It would also profit from a €40 million tax break, Spanish bank Sabadell calculated.

The move has angered Spain’s left wing government which called Ferrovial ‘ungrateful’ but at the same time opened the door to attacks from opposition parties Partido Popular (PP) and Vox who are saying recent corporate tax hikes and higher minimum wages are chasing companies away.

President of the community of Madrid Isabel Ayuso (PP) opened the hostilities by saying the departure of Ferrovial would ‘ruin us’ and that ‘Sanchez prefers a Spain without businesses’, El Confidential reported.

The move, which has yet to be approved by shareholders, has been planned for the second or third quarter of this year. Ferrovial’s workforce will not be affected, the company said.

According to the Financieele Dagblad, Ferrovial is aiming for a listing on Wall Street and believes that would be easier with the Netherlands as a base.