Banc Sabadell | Some Indra (IDR) shareholder funds led by Amber Capital (which controls 5%) and representing around 20% of the shareholding are reportedly urging the company to resume negotiations for the merger with EM&E as soon as possible, now that Ángel Escribano (who controls 14.3% of IDR) has resigned as Chairman, being replaced by Ángel Simón (nominated by SEPI), according to elEconomista.
According to the same report, SEPI has declined to comment on the matter, whilst Indra has indicated that resuming talks is not on the agenda in the short term. We note that Indra is reportedly working on a new CMD, potentially for June 2026, in which the company’s strategy will be updated, and that regarding EM&E, rumours suggest that a sale to Rheinmetall is being negotiated.
Assessment: We would view a resumption of the merger with EM&E as positive, given the high degree of industrial fit and the market’s very positive perception of the deal. However, following Escribano’s departure as chairman, rumours are pointing in both directions and the likelihood of this deal is not so clear-cut at present.
