ALERT: SEPI complies with the agreement reached with Escribano to force his departure and resumes the integration of Indra and EM&E
In breaking news, the following story has emerged from the international scene.
The State Society of Industrial Participations (SEPI) has begun to comply with part of the agreements reached with Ángel Escribano to force his departure from the presidency of Indra. Last Wednesday, Escribano presented his resignation after five weeks of harassment and demolition of the Government following pressure from the Executive that led him to close a non-aggression pact between the parties. EL ESPAÑOL-Invertia already announced on Wednesday that SEPI and Escribano had closed an agreement in which the tap of credits, public aid and Defense contracts was kept open for EM&E. But Escribano was also promised that the integration between the two companies, the seed of the governance crisis, would be unblocked. And so it has been. Since this week, the two parties have publicly opened the door to resuming negotiations, although in a very preliminary manner. Both the brothers Ángel and Javier Escribano, as well as SEPI itself, have expressed their willingness to sit down and talk. We are not talking about formal negotiations, but we are talking about first approaches within the framework of the peace that has been experienced in the Indra council since the departure of Escribano and the arrival of the new president, Ángel Simón. The figure of José Vicente de los Mozos is also helping to achieve this. The CEO has piloted the integration and had been looking for alternatives for a month. All this until the SEPI launched a harsh letter accusing Escribano of conflict of interest and veiledly demanding his departure to continue with the process. The next day, Escribano launched an order renouncing integration, but remaining in office. A week later he left his position, which unlocked everything. The operation that had been handled went through different stages: from a purchase for 2,000 million, through a share exchange and even the creation of a new company only focused on defense. In any case, SEPI anticipates that any operation would be carried out as long as they are the company that maintains control. All in all, the possible integration between Indra and EM&E is a move that will reassure the markets that have penalized Indra with a sharp collapse in the stock market coinciding with the company’s internal wars. Integration with EM&E This is what Indra’s investment funds, which control 15% of the company and which have publicly supported this integration, expect. They believe that it is the only way that Indra can face the 16,000 million euros of portfolio it has for the coming years. The Government believes that they can work on an industrial plan that will please the independents and the investment funds that still control about 15% of the company. This means addressing M&A operations that generate growth and value. And here the first one that comes back to the table is the integration with EM&E, Amber and Oughourlian’s favorite. SEPI and the Government never opposed the operation. They only feared that Escribano would use it to control Indra along with the funds. Board of directors But now, with one of the two Escribanos out of the board, with a president supported by SEPI and a CEO in tune with the Government, everything changes. That is why the Executive trusts that this investiture majority – although minimal – will support an eventual integration, but with its conditions: at a reasonable price and ensuring SEPI control of any resulting company.
What This Means:
Understanding these events is crucial for anyone following international affairs closely.
The implications of this story extend beyond borders and could affect millions of people globally.
Stay tuned for more updates as this story continues to unfold.
Source: This article was originally published in another language by El Español – Home and has been translated and adapted for our global English-speaking audience. Read the original article here.