Spain's government wants to oust Indra chairman Ángel Escribano
Ángel Escribano has frozen the merger with EM&E to avoid being removed from Indra. The Spanish PM's office keeps up the pressure, while Iván Redondo operates in the shadows for a bonus.
English · Original discussion in Spanish · Published
Escribano's standoff with Moncloa: a bold move at Indra and a frozen merger
Indra chairman Ángel Escribano has, for now, managed to defuse the Spanish Government's attempt to remove him by proposing a halt to the merger between the company and his own firm EM&E, eliminating the conflict of interest that SEPI (Spain's state holding company) had cited to demand his departure. The manoeuvre, carried out at Thursday's board meeting, leaves Moncloa (the PM's office) without immediate legal grounds to dismiss him. However, the political offensive continues: Escribano was summoned to the Palacio de la Moncloa for a meeting at which he is expected to be told of the "loss of confidence", as peine with Álvarez-Pallete at Telefónica.
The conflict of interest and the merger feint
SEPI had pushed to block the merger with EM&E on the grounds that Escribano was acting as judge and jury in his own case. But by parking the integration, that excuse evaporates. Several sources indicate that Escribano has not abandoned the idea of combining Indra with EM&E, but is postponing it while awaiting a change of government. The businessman, who started out in the back room of a family business before making his leap with armoured vehicles, is betting that the political climate will lead to early elections and that the PP, with whom he enjoys a good rapport, will come to power. In the background looms the threat that Indra could fall into Antonio's hands — a reference to Socialist interests — if it does not hold out.
Iván Redondo's role and the 20 million bonus
Sánchez's former chief of staff, Iván Redondo, emerges as a key player in the plot. As Jesús Cacho revealed in Vozpópuli, Redondo is reportedly advising Santa Bárbara Sistemas (GD) for a salary of 170,000 euros a month plus a 20 million bonus if he manages to undo the deal and return the Escribano brothers to Coslada. This detail has fuelled suspicions that the battle for Indra is, in reality, a war between factions of the political-business establishment.
The decisive meeting at Moncloa
Escribano met with Manuel de la Rocha, one of Sánchez's trusted aides, at the Palacio de la Moncloa. He expected to be told there of his dismissal, but the Indra chairman was confident he would still come out on top. The tension is reflected in the behaviour of the independent directors, whom Escribano has met with to secure their support. Meanwhile, in Congress the atmosphere is untenable for the Government, and the regional elections offer little cause for optimism within the PSOE (the Spanish Socialist party).
The question left hanging is whether Escribano will manage to withstand the onslaught or whether Moncloa will find another route to dislodge him. Time is running out, and the 2027 elections are just around the corner.
Related discussions in the forum
Indra chairman Ángel Escribano has, for now, managed to defuse the Spanish Government's attempt to remove him by proposing a halt to the merger between the company and his own firm EM&E, eliminating the conflict of interest that SEPI (Spain's state holding company) had cited to demand his departure. The manoeuvre, carried out at Thursday's board meeting, leaves Moncloa (the PM's office) without immediate legal grounds to dismiss him. However, the political offensive continues: Escribano was summoned to the Palacio de la Moncloa for a meeting at which he is expected to be told of the "loss of confidence", as peine with Álvarez-Pallete at Telefónica.
The conflict of interest and the merger feint
SEPI had pushed to block the merger with EM&E on the grounds that Escribano was acting as judge and jury in his own case. But by parking the integration, that excuse evaporates. Several sources indicate that Escribano has not abandoned the idea of combining Indra with EM&E, but is postponing it while awaiting a change of government. The businessman, who started out in the back room of a family business before making his leap with armoured vehicles, is betting that the political climate will lead to early elections and that the PP, with whom he enjoys a good rapport, will come to power. In the background looms the threat that Indra could fall into Antonio's hands — a reference to Socialist interests — if it does not hold out.
Iván Redondo's role and the 20 million bonus
Sánchez's former chief of staff, Iván Redondo, emerges as a key player in the plot. As Jesús Cacho revealed in Vozpópuli, Redondo is reportedly advising Santa Bárbara Sistemas (GD) for a salary of 170,000 euros a month plus a 20 million bonus if he manages to undo the deal and return the Escribano brothers to Coslada. This detail has fuelled suspicions that the battle for Indra is, in reality, a war between factions of the political-business establishment.
The decisive meeting at Moncloa
Escribano met with Manuel de la Rocha, one of Sánchez's trusted aides, at the Palacio de la Moncloa. He expected to be told there of his dismissal, but the Indra chairman was confident he would still come out on top. The tension is reflected in the behaviour of the independent directors, whom Escribano has met with to secure their support. Meanwhile, in Congress the atmosphere is untenable for the Government, and the regional elections offer little cause for optimism within the PSOE (the Spanish Socialist party).
The question left hanging is whether Escribano will manage to withstand the onslaught or whether Moncloa will find another route to dislodge him. Time is running out, and the 2027 elections are just around the corner.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (29 replies).
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