Reported by Bankinter Indra (IDR) is finalising an agreement with Santa Bárbara Sistemas (a European subsidiary of General Dynamics) to set up a joint venture aimed at carrying out contracts for wheeled and tracked artillery, valued at €7.240 million. These contracts were previously awarded by the Government, under the PEM programmes, to two separate temporary joint ventures (UTEs) in which Indra and EM&E hold stakes. In this regard, the proposed…

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…