Indra Analyzes Defence Sector Options, Considers Escribano
MADRID (Reuters) -Spanish defence technology company Indra said on Friday it was analysing different opportunities in the defence sector, including Escribano, but no decision had been taken.
The company's statement followed a report in Spanish newspaper Expansion on Thursday which said that Indra was considering taking over Escribano.
"Within the framework of its strategic plan, it carries out an ongoing process ... of analysing different opportunities with relevant players in the defence sector, including Escribano, with no decision having been adopted as of today," Indra said.
Escribano M&E is an engineering company also active in the defence sector owned by the family of Indra's executive chairman Angel Escribano.
Escribano M&E holds a 14.3% stake in Indra, according to LSEG data. It would be valued at as much as 1 billion euros ($1.13 billion), Expansion cited sources as saying.
Indra, which is 28% owned by Spanish state-owned fund SEPI, is set to benefit from the government's plan to increase defence spending by more than 10 billion euros this year. Its shares have risen 56% so far this year.
Angel Escribano was picked to head Indra after Marc Murtra, its former top executive, was appointed executive chairman of telecom giant Telefonica.
Spokesperson for Escribano M&E did not immediately respond to a request for comment.
Indra shares were down 3% on Friday afternoon, the worst performance on Spain's blue-chip Ibex 35 index, which was up 1.1%.
($1 = 0.8825 euros)
(Reporting by Inti Landauro. Editing by Tomasz Janowski and Mark Potter)
