Link Securities | The Escribano brothers are taking steps to bridge the gap with the Government. The family has commissioned JP Morgan to seek potential buyers for its 14.3% stake in Indra, according to sources familiar with the matter speaking to Vozpopuli.com. Among the options on the table are both a potential partial and total sale of this stake, against a backdrop marked by the government’s demands to revive the integration of Escribano Mechanical & Engineering (EM&E) into Indra.
Official sources from both EM&E and JPMorgan declined to comment on this information. This move is said to be in response to the ‘agreement’ reached by the brothers with the Spanish government with a view to paving the way for a merger between Indra and the family business, according to various market sources. The main condition put forward by the State Industrial Holdings Company (SEPI) – through which the Government holds a 28% stake in IDR – is to maintain a dominant position in the company, which requires the potential merger to be structured in such a way that the Escribano family does not exceed the public holding’s share.
