Banc Sabadell | The Supreme Court has rejected Santa Bárbara’s request for interim measures to freeze €3 billion in government loans at 0% interest to pre-finance the wheeled and tracked artillery programmes awarded to two joint ventures (JVs) established by Indra (IDR) and EM&E. Santa Bárbara filed an administrative appeal against this state pre-financing at the end of last year. Despite the rejection of the interim measures, the proceedings before…

Renta 4 | Indra (IDR) Land Vehicles and IDV, a division of the Italian company Leonardo, have signed a strategic agreement to develop the new amphibious combat vehicle for the Royal Marines. The agreement is designed to fulfil the Special Modernisation Programmes  assigned to Indra. Indra will deliver four variants of the vehicle: troop transport, command and control, recovery and ambulance. Assessment: We view favourably the agreement between two of…

Alphavalue/Divacons | The Spanish IT services and consultancy firm is finalising the details of an agreement with Iveco Defence Vehicles (IDV), a subsidiary of the Italian giant Leonardo (downgrade, Target Price €48.1/share), for the supply of amphibious armoured vehicles for the Spanish Navy. The contract, valued at €374 million, will be carried out through a joint venture (JV) formed by Indra and Escribano Mechanical & Engineering (EM&E). The project involves…

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…

Banco Sabadell | At an Extraordinary Board Meeting last week, Ángel Escribano resigned as chairman (and director) of Indra and has been replaced by Ángel Simón, who is close to the government and was previously CEO of Criteria Caixa and chairman of Aguas de Barcelona. He will have no executive duties and, in principle, Jose Vicente de los Mozos will continue as CEO. The change serves to ease tensions, but…

Link Securities | Indra and Hanwha Aerospace, a subsidiary of Hanwha Group, signed a binding agreement on Tuesday for the development of self-propelled artillery systems tailored to the needs of the Spanish Armed Forces. According to a company statement, this will provide Spain with autonomous capability and sovereignty in the design and manufacture of state-of-the-art tracked ground platforms, the digital portal Bolsamania.com reported yesterday. The planned work will require an…