Overview
- Indra and Escribano Mechanical & Engineering have restarted talks on a possible integration after the earlier pause over a conflict-of-interest dispute.
- Spain’s state holding SEPI and the government say they plan to revive the deal because they see a clear strategic fit.
- The reset followed the resignation of Ángel Escribano from Indra’s presidency and the appointment of Ángel Simón as non-executive chair, who has begun meeting the management team.
- Sector estimates now value EM&E at up to €2.5 billion, and reports say Germany’s Rheinmetall has shown interest that Madrid has warned it could block.
- Several large U.S.-based funds criticized the government for forcing the change at Indra and warned it could deter future financing as June’s shareholder meeting approaches.