Power Struggle: Indra's Leadership in Turmoil Amid Acquisition Controversy

Spain's government is pushing for the removal of Indra's chairman, Angel Escribano, due to a contentious acquisition plan involving his family firm. Indra's shares fell sharply following reports of the dispute, which centers on Escribano's attempt to acquire Escribano Mechanical and Engineering. SEPI and the government are exerting pressure for Escribano's resignation.

Spain's government is urging action against the chairman of defense company Indra, Angel Escribano, following a controversial acquisition bid reported by El Confidencial.

The proposed takeover of family-owned Escribano Mechanical and Engineering by Indra has sparked concerns, prompting a decline in Indra's shares by 8% in the financial market.

Tensions are mounting as government officials and stakeholders press for Escribano's resignation before the next board meeting, despite some board members reportedly backing him.

(With inputs from agencies.)