Ferrovial's decision to move its holding company to the Netherlands to try to accelerate a U.S. listing could have an adverse impact on its brand in Spain, the company said in a document released Thursday.

The Spanish construction giant, which expects to complete a dual listing in Amsterdam and Madrid on Friday, also acknowledged that any potential shareholder gains from the move could be subject to tax, the company said in a document for the Dutch listing posted on its website.

The company said the transaction could potentially have a negative impact on its brand in Spain, which, in turn, could have a material adverse effect on the group's competitive position.

Ferrovial had said that moving its stake from Spain to Amsterdam, where it had a subsidiary, could expedite its U.S. listing application later this year to increase liquidity and access to financing in its largest market.

The reverse merger, whereby its Dutch subsidiary Ferrovial International SE (FISE) has absorbed Ferrovial Group, was fully completed on Thursday.

In the website prospectus, Ferrovial said Spanish tax authorities may decide that the merger falls outside a special tax regime for group companies that allows dividends and capital gains from the transfer of shares in subsidiaries to be exempt from tax.

Ferrovial chairman Rafael del Pino told investors at the annual general meeting in April that he did not expect a tax increase from the deal.

Ferrovial did not comment Thursday beyond the published document.

The dual listing was approved by a majority of shareholders in April. Proxy advisers, who recommended investors back the deal, warned of potential risks in March, but the prospectus is the company's first published comment on the possibility of brand damage.

The deal has outraged the Spanish government, with Economic Affairs Minister Nadia Calviño calling it "incomprehensible".

(Reporting by Corina Pons; additional reporting by Emma Pinedo; edited in Spanish by Benjamín Mejías Valencia)