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last mo.

Indra Forms Independent Committee to Oversee Escribano Merger

Virginia Arce will head the panel formed to manage conflicts of interest under growing shareholder threats.

Indra crea una comisión sobre conflictos de interés antes de analizar cualquier operación
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Overview

  • Indra’s board unanimously approved an ad hoc committee of independent directors led by Virginia Arce to scrutinize the proposed merger with Escribano Mechanical & Engineering and enforce conflict-of-interest safeguards.
  • Ángel Escribano and his brother Javier recused themselves from the extraordinary board meeting to prevent conflicts linked to EM&E’s 14.3% stake and their ownership of the target company.
  • Independent director Ángeles Santamaría resigned irrevocably before the July 10 session after expressing doubts about the deal’s governance protections.
  • Minority shareholders, led by Axpe Consulting’s Manuel Revuelta, have threatened litigation over EM&E’s limited industrial history before 2021 and perceived risks to Indra’s assets and reputation.
  • Indra has enlisted law firm Garrigues to advise the committee as it readies its findings for a full board review scheduled on July 23.