Overview
- Spain’s state holding SEPI formally halted further study of the Indra–EM&E integration until the conflict tied to chairman Ángel Escribano is resolved, according to a letter signed by SEPI chief Belén Gualda.
- EM&E notified the CNMV that the conditions for a potential transaction do not exist and withdrew from the process, after which Indra’s board ended its analysis of the operation.
- Ángel Escribano offered to freeze the merger in a bid to remain as chairman, as reported ahead of the board’s extraordinary meeting.
- Prime Minister Pedro Sánchez said SEPI is working with Indra to address the conflict issue, and Finance Minister María Jesús Montero underscored the requirement for decisions free of conflicts at a strategic company.
- Indra shares fell sharply over recent sessions, with coverage estimating about €1.3 billion in lost market value, as investor blocs split with Amber and Third Point backing the deal and Sapa aligning with SEPI.