Alphavalue/Divacons | Shares in the Spanish IT services and consultancy firm fell by 2.93% on Monday. The market is reacting to doubts over Ángel Escribano’s continued tenure as chairman, following confirmation last Thursday that Escribano Mechanical and Engineering (EM&E) was withdrawing from the merger with Indra (IDR), whilst retaining Escribano at the helm of the firm.
Ángel Escribano’s future as the company’s chairman remains shrouded in uncertainty after he was summoned to Moncloa last Friday to discuss his situation.
This meeting has been interpreted by investors as a sign of instability at the top of Indra, intensifying selling pressure on its shares.
Indra: Add, Target Price €56.8 per share.
