Indra’s board concludes that the potential merger with EM&E is “coherent” with its strategy
Indra’s board of directors met this Wednesday and unanimously agreed that the potential merger with Escribano Mechanical & Engineering (EM&E) is “coherent” with the company’s strategy, as reported through the National Securities Market Commission (CNMV).
“The board of directors (…), without the assistance of the directors affected by conflict of interest (in reference to the president of Indra, Ángel Escribano, and his brother and president of EM&E, Javier Escribano), in light of the reports of the management team, the ‘ad hoc’ Commission and the independent advisors hired in this regard regarding the strategic fit of a potential operation between Indra Group and Escribano Mechanical and Engineering, has unanimously agreed that said potential operation is consistent with Indra’s strategy“says the document published through the CNMV.
The report has been prepared in light of the analysis carried out by Indra’s management team and after considering the contributions and conclusions of the company’s external advisors and the ad hoc commission (Renaissance Strategic Advisors and Oliver Wyman).
“This agreement does not imply or anticipate the approval of any operation. Nor does it condition any kind of formula that could be adopted or any of its economic terms, which have not yet been evaluated by the board of directors. Following this agreement, the company and its respective teams and corporate bodies will continue with the analysis of the rest of the relevant aspects of the potential operation,” the statement added.
