The Escribano household renounces the sale of EM&E to Indra after the calls for of the SEPI | Economy | EUROtoday

The Escribano brothers have given up promoting their household enterprise to Indra, a number one firm within the protection sector, as they’ve communicated to the National Securities Market Commission (CNMV). The choice comes after the general public Sociedad Estado de Participaciones Industriales (SEPI), Indra’s major shareholder with 28% of the capital, introduced that there’s an insurmountable battle of curiosity to proceed with the acquisition, and conditioned its future on Ángel Escribano leaving the presidency. Escribano is the proprietor, collectively together with his brother Javier, of 14.3% of the share capital of Indra, in addition to the proprietor of 100% of Escribano Mechanical & Engineering (EM&E).

Specifically, Indra has despatched a related truth to the CNMV on this Thursday afternoon through which it states that “in view of the Relevant Information published by the SEPI on March 18, 2026, at EM&E we consider that the circumstances that allow a potential operation between Indra Group and Escribano Mechanical and Engineering SLU do not currently exist, so EM&E is withdrawing from the operation.” As a consequence of the above, Indra publicizes that “the analysis process of the aforementioned potential operation is concluded.” After this announcement, Indra fell 12.3% on the inventory market. Sources near the board point out that the conclave dealt solely with the resignation of the operation and nobody spoke even within the board this Thursday concerning the continuity of Ángel Escribano on the head of the corporate. Nor was any point out of this problem made within the govt committee held afterwards.

And the choice permits, for now, that Ángel Escribano can stay on the head of the presidency of Indra by having overcome the battle of curiosity that the SEPI reported. The resignation was articulated with a letter that EM&E despatched to the Indra board. In the letter, to which Europa Press has had entry, the Escribano level out: “At EM&E, Indra’s first private shareholder, we emphasize that this decision has been adopted with the aim of avoiding any risk that could affect Indra. In this sense, we consider that stopping at this time is the best way to safeguard the company’s growth project, a strategic project led by its president, Ángel Escribano, to reinforce the positioning of the listed company both nationally and internationally.” Along these strains, he prefers to attend for “a more favorable context that allows the process to be resumed with full guarantees.”

In the assertion, the Escribano firm explains that it has determined to decelerate the mixing course of with Indra at a “key moment” for the event of the expertise firm. “This decision responds to the desire to preserve the interests of the listed company above the operation itself and protect its ambitious growth project in the defense sector,” he underlines. To formalize the announcement, Indra had known as a unprecedented council this Thursday morning.

The resignation comes after the State Society of Industrial Participations (SEPI) despatched an announcement late on Wednesday asking Ángel Escribano, president of Indra, to depart his place to resolve the battle of curiosity concerned in shopping for his household enterprise. Escribano was ratified in his place on the final assembly by 99% of the corporate’s shareholders, so his mandate doesn’t finish till 2028. The listed firm is being supervised by the CNMV, which may request an accounting of those actions, that are producing excessive volatility on the Stock Market. Currently, Indra’s board of administrators is split, with the massive shareholders in battle, so the votes of the impartial administrators and the CEO, José Vicente de los Mozos, might be key to the way forward for Indra’s governance and the way forward for the corporate, known as to steer the protection sector within the midst of a world growth.

Since final Monday, when rumors started to emerge that the State was searching for to power Escribano’s departure, the corporate has fallen virtually 15% on the inventory market. These falls are added to the 13% that fell in February, when Indra’s first govt was known as to Moncloa and the market discounted that he could be requested to resign, as already occurred with José María Álvarez-Pallete at Telefónica in January 2025.

Resigning from the operation is a major and really delicate transfer for the corporate till now within the buy. The newest estimates by completely different analysts positioned the worth of EM&E at near 2,000 million euros. The board of administrators unanimously requested that the mixing of EM&E be studied, after a fee was appointed in July 2025 for this to keep away from potential conflicts of curiosity. In truth, numerous analysts who analyze Indra discounted this buy with one construction or one other.

A strategic buy

De los Mozos himself has reiterated on a number of events that the acquisition of EM&E is strategic to turn into a champion of nationwide protection and to have the ability to compete with the majors within the sector, such because the Italian Leonardo, the French Thales or the German Rheinmetall within the face of the growth in army contracts that can come up within the coming years. This progress within the protection sector happens after the United States calls for that NATO allies enhance army budgets as a result of world geopolitical instability.

In this sense, the relations between Indra and Escribano transcend the acquisition operation. The alliance of each corporations has been awarded artillery contracts from the Ministry of Defense price greater than 7.2 billion euros, which has catapulted Indra onto the inventory market in 2025, the perfect worth on the Ibex 35 with an increase of greater than 200%.

The contracts with the Spanish military are being controversial. The competing firm Santa Bárbara Sistemas, owned by the American agency General Dynamics, has taken these awards on to court docket. He disagrees with how these direct awards have been made. The litigation is but to be resolved. It so occurs that the shareholder that has proven essentially the most disagreement with the mixing of EM&E with Indra has been SAPA, proprietor of seven% of the share capital. The Basque agency of the Aperribay household is, in flip, an industrial companion of General Dynamics in different worldwide initiatives.