Indra falls after chair Escribano resigns over failed deal with his company

Indra Sistemas SA

02/04/2026 09:47

** Shares in Spanish defence firm Indra IDR.MC fall 2.2% after Chairman Angel Escribano resigned on Wednesday over a failed merger deal with his company Escribano Mechanical and Engineering

** Indra appointed Angel Simon Grimaldos, former CEO of Criteria Caixa, as new non-executive chairman and director on Thursday

** Banco Sabadell analysts say the change helps ease tensions, but leaves unanswered questions over Escribano's 14.8% stake on Indra, the need for a new strategic plan after the failed merger, and what will happen with the shareholders that supported the operation

** EM&E withdrew two weeks ago from a potential acquisition by Indra due to a conflict of interest; the resignation also follows reported government pressure for Escribano's exit

** Indra shares closed 3% higher on Wednesday after a turbulent day amid reports about Escribano's looming exit

(Reporting by Gemma Guasch)

((Gemma.guasch@thomsonreuters.com))