Escribano Mechanical and Engineering sells 14.3% Indra stake, Expansion reports
Details of the Indra Stake Sale
Background and Transaction Overview
May 5 (Reuters) - Escribano Mechanical and Engineering has sold its full stake in Spanish defence company Indra, newspaper Expansion reported on Tuesday.
Accelerated Placement of Shares
EM&E, family firm of former Indra chairman Angel Escribano, launched an accelerated placement of its 14.3% stake in Indra after market close, Expansion added.
Leadership Changes and Stakeholder Impact
Resignation of Angel Escribano
Angel Escribano resigned from Indra in April after a failed deal with EM&E and reported government pressure for his exit.
EM&E's Position Among Stakeholders
EM&E was Indra's second-largest stakeholder behind state-owned Spanish fund SEPI.
Further Board Changes
Indra confirmed in a statement to Spain's CNMV stock market regulator that the former chairman's brother Javier Escribano Ruiz had resigned as a proprietary director of Indra following the stake sale.
Comments and Reporting
Requests for Comment
An EM&E representative did not respond immediately to requests for comment.
(Reporting by Javi West Larrañaga; Editing by Aislinn Laing, David Goodman and Mark Porter)