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.