Stocks lose more than 3% in new phase of investor flight
Indra’s IPO is suffering the effects of the crisis that has erupted in her leadership after the government forced decision making in the company and allied itself with two other shareholders of the company, the investor Joseph Ougourlian and the company Gipuzkoa Sapa. Shares of the technology company, which has a major division dedicated to defense, fell again significantly in the stock market today -3.4% in the mid-morning, as a result of the influx of sales from investors no longer confident in the future of the society. Last Friday, after the shareholders’ meeting in which the Executive’s coup was carried out, Indra’s share received its first penalty on the stock market, falling 14%.
The tangible consequences of what happened are clear. Four executives were fired by the alliance in the votes of the government – which has its shares through the Sepi group -, Sapa and Oughourlian; one more was not renewed and two others subsequently resigned. They were all independent directors who had opposed the maneuvers of Pedro Sánchez’s executive – in particular to grant executive powers to the president, Marc Murtra – and who have not kept silent. In the documents that they sent to the company and which the CNMV has made public, they denounce the existence of a joint action by the three shareholders – together they own about 38% of the share capital of Indra-, with a Olympic contempt for good. standards for corporate governance.
At the root of this maneuver and the crisis caused is the desire for Indra to play a leading role in the Spanish defense industry, as the government of Pedro Sánchez is determined to promote a merger of companies to create a large company create in this sector. One of the operations that the government has reserved for Indra – hence its interest in taking control to impose its wishes – is to take a significant stake in the Basque company ITP, a manufacturer of components for aerospace engines. Rolls, the current owner of the company, wants to sell it and already has an agreement with the American fund Bain, which is prepared to acquire a majority stake.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
