Feb 06, 2026
3 min read
A business operation with Escribano Mechanics and Engineering (EMandE) is interesting for Indra, almost all parties agree on this.The differences come when you talk about…
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Angel Escribano confirms he is staying on as president amid rumors of his possible departure that have sent the company's shares down more than 13% in three days.
Corporate operations with Escribano Mechanics & Engineering (EM&E) are dream studies, almost all parties agree.The differences come when talking about the structure and have escalated after the government, through Sippy, which owns 28 percent of Indra, blocked the merger plans until it gets access to the audited accounts of the two companies.
The idea of a merger, in which Indra would issue new shares to increase its capital and hand it over to the Escribanos, had always been on the table, as had been intended by EM&E and brothers Angel and Javier Escribano, owners of 14.3% of Indra's shares.It will strengthen its participation in the group to the detriment of other shareholders, such as Sepi, and will dilute it to below the current 28%.
However, as sources explained to EXPANSIÓN, Sepi has not chosen this option and favors other alternatives to deal with the possibility of an organizational process with EM&E.
Indra CEO José Vicente de los Mozos presented several options to board members last week to announce the operation, including the merger and acquisition of the majority in Indra's EM&E.This is the option, according to the sources consulted, that Sepi likes the most who, at the moment, has not yet made an official statement and is waiting for a vote to give his opinion.
The delay to the planned 2025 operational date and the bitter controversy surrounding it have weighed on Indra's share price, which, while easing Thursday's bleeding, is down 13% from last Tuesday due to the current conflict of interest, as Escribano owns EM&E and is an Indra shareholder.
Ángel Escribano was appointed with his support in early 2025, and despite receiving 98% support at the last shareholders' meeting in June 2025, fears of the controversy affecting government politics, fears of Indra's replacement as president, have spooked the market.
The notary came out
Escribano reaffirmed his "determination to continue working to build a stronger and stronger Indra" this Thursday, after which Indra shares recovered nearly 5% to close the period solidly with a gain of 2.3%.In addition, Indra told the CNMV that the evaluation of the union is "ongoing."
One of the options presented by the CEO of the last board decided a step further for Escribano as president to open the process, with the commitment of Escribano to ensure that Sepi will continue with more representation on the board and more resources, even increasing its weight after the merger.
There have been no discussions about changing the chairmanship and business is continuing after Indra's board authorized De los Mozos to open formal talks with Javier Escribano, the family group's president, according to sources interviewed.
Seppi's idea is to listen to all proposals and not speak until a vote is taken, which has not yet been necessary - the most recent vote in December to confirm that EM&E activity is in line with Indra's strategy.In the meantime, the body led by Belen Guelda is waiting, although it is clear about its priorities in the face of this process.
Sepi is leaning towards a formula to control EM&E, a majority of which could be 51%, which would allow Indra to increase its perimeter, which is in line with its goal of having a scale that can compete with European defense giants.Thus, EM&E will become a subsidiary of Indra and will be consolidated in its balance sheet.
This option, at least for now, has the opposition of Escribano, who only considers the merger that will increase the weight of the ownership of EM & E in Indra, which lives under Sepi, but it would allow them to continue to have power over the strategy of the group to be the national champion in defense and to eat at the same table with giants like Leonardo or Rheinmetall.
If Seppi nor Escribano does not give up, everything is likely to blow up and the angel will leave the presidency to Indra, as he is the one who has to have the favor of the executive which, after all, gives the defense contracts.
