Overview

• Javier Escribano, president of Escribano Mechanical & Engineering (EM&E), has publicly stated that the company is not for sale and is valued at over €1 billion.
• Indra, under CEO Ángel Escribano, has hired a major consultancy to evaluate a potential merger with EM&E, despite the latter's opposition.
• EM&E currently holds a 14.3% stake in Indra, making it the second-largest shareholder, and secured a board seat with an 8% holding last year.
• Indra continues its expansion as Spain’s defense champion, acquiring Hispasat for €725 million in January and exploring the purchase of the Trubia arms factory.
• The potential merger highlights tensions between state-driven defense consolidation efforts and EM&E’s desire to maintain strategic autonomy.