Indra has once again avoided the political fray. The current chairman, Ángel Escribano, will remain at the helm of the company despite the recent tensions with the Spanish government, Indra's largest shareholder through SEPI. In fact, a plan B wasn't even discussed at Wednesday afternoon's board meeting, according to sources familiar with the process at the ARA (Spanish Association of Indra's Board of Directors). The company's highest governing body also refrained from questioning the continuity of CEO José Vicente de los Mozos, whose term expires in June. Sources familiar with the process explained to Europa Press that this item was not on the meeting's agenda either. This time, the controversy has been sparked by the potential merger—currently on hold—between Indra and the Escribano Group, also involved in defense, and the potential conflict of interest that could arise (the Escribano Group is not only an Indra shareholder with 14.3% of the share capital).

The Spanish government is maintaining its standoff with Indra's president, Ángel Escribano. The dispute between the company's two main shareholders—the State, through SEPI, with 28% of the capital, and the Escribano brothers, owners of Escribano Mechanical & Engineering (EM&E), with 14.3%—continues ahead of the ordinary board meeting scheduled for this Wednesday. This meeting will take place after the Escribanos attempted to stem the pressure from the Spanish government by shelving the proposed merger of Indra with their family company.

For days now, the defense company Indra, in which the Spanish State holds a 28% stake through its investment arm, SEPI, has been overshadowing the press headlines, as well as its stock market losses: in the last five days, its shares have fallen by more than 11%. The underlying reason is a business deal that has been controversial since it was first proposed: the acquisition of the Spanish defense company Escribano Mechanical & Engineering (EM&E Group). This is a company co-founded by Indra's current chairman, Ángel Escribano, and currently chaired by his brother, Javier Escribano. Both are also owners. Furthermore, EM&E Group is Indra's second-largest shareholder, after the State, with 14.3% of the share capital.

The day after crashing into the wall of the PP over the financing reform and while José Manuel Albares He was talking about Venezuela in CongressMaría Jesús Montero has had to appear in the Senate – forced by the absolute majority of the Popular Party – to give explanations about the SEPI caseAn investigation by the National Court into the awarding of public contracts. The First Vice President of the Spanish government defended "the honor, responsibility, and prestige" of SEPI, a state-owned company attached to the Ministry of Finance that acts as the State investment armMontero defended the procedures as "correct." Constantly invoking the secrecy of the investigation, she emphasized that, "for now," it cannot be stated that "any irregularities have been committed" or that "any file has been discovered that was processed in a manner different from the law," and she emphatically endorsed SEPI's actions: "There's no bad apple." The PP wanted to start the year by targeting the alleged corruption cases surrounding—and implicating—the Spanish government, but—less than two kilometers away—Moncloa Palace opted to focus on Pedro Sánchez's international policy with the Foreign Minister's appearance before the lower house. The one in the eye of the storm is Vicente Fernández Guerrero, who was president of SEPI during Pedro Sánchez's first year in Moncloa and was arrested a month ago, along with Leire Díez—known as plumber of the PSOE—and Antxon Alonso—owner of Servinabar, under investigation in the Cerdán case. María Jesús Montero stated that the Civil Guard is investigating the period between 2021 and 2023, two years before Vicente Fernández presided over SEPI: he resigned after being summoned as a suspect in the Aznalcóllar mine case, from which he was ultimately acquitted. "It was not during this period that these individuals held political responsibilities in any of the institutions of this government," she emphasized. She defended herself by posing two questions: "Can you tell me what kind of responsibility I could possibly have in this matter? What is the point of holding a hearing on a subject about which we have no information?" "It disgusts us that there are people who might use politics to enrich themselves financially, but we must be able to clearly define who should answer to the justice system and not tarnish the institutions," the Minister of Finance also requested. Having said that, María Jesús Montero demanded that the PP stop "throwing insidious lies" about the "commendable work" done by SEPI employees. Next, it was the turn of the Minister for Ecological Transition, Sara Aagesen, who distanced herself from any "shadow of suspicion" and assured that "never" has "been" benefited "any company or individual" and that she has always acted with "maximum transparency." Her department is linked to the hydrocarbons case being investigated by the National Court. In fact, the former chief of staff of her predecessor, Teresa Ribera, will have to testify as a witness in two weeks. "Either a participant, an accomplice, or negligent"

The PP has taken the opportunity to attack María Jesús Montero and to make a totum revolutumIn her remarks, she included references to Plus Ultra, José Luis Rodríguez Zapatero, and Paco Salazar. "Pedro Sánchez surrounded himself with people useful for committing crimes and looting, a government prepared to steal," declared the leader of the People's Party in the Senate, Alicia García. She dubbed Montero the "vice president of bribes" and the "minister of the SEPI black hole," reproaching her for presenting herself as a "mere spectator" of what was happening at SEPI: "She is either a participant, an accomplice, or negligent. Or all three." "Spain cannot afford a state captured by its corruption," she concluded.

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Turkish Airlines' acquisition of Air Europa is beginning to yield its first results. The airline's former CEO, Jesús Nuño de la Rosa, has announced his departure after reaching an agreement with Chairman Juan José Hidalgo. The company emphasized that the agreement was reached "in an atmosphere of friendship and utmost cordiality" and was also approved by the board of directors. "Air Europa thanks Jesús Nuño de la Rosa for his commitment, dedication, and loyalty," the company, which is predominantly Spanish and family-owned, stated in a press release. Nuño de la Rosa's replacement, who had held the position since July 2022, will be announced in the coming days. Just under two weeks ago, Air Europa closed the entrance Turkish Airlines has invested €300 million in Air Europa. The Turkish offer came after Germany's Lufthansa ruled out acquiring a stake in Air Europa, as did IAG, the holding company that owns Iberia, Vueling, Level, and British Airways. This injection of funds completes the €475 million financing granted to the airline. by the public company SEPI During the pandemic, the deadline for repaying the state aid was brought forward by a year.

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Air Europa has closed the agreement that allows Turkish Airlines to acquire a stake in the airline with a €300 million investment. The transaction, finalized early this morning, will be carried out through a loan convertible into an equity stake which, once the necessary authorizations are obtained, will become a 26% share. This cash injection completes the €475 million financing granted to the airline by the state-owned holding company SEPI during the pandemic. This brings forward by one year the repayment deadline for the state aid received. This transaction values 100% of Air Europa, a company with predominantly Spanish and family-owned capital, at approximately €1.175 billion. The Hidalgo family, through Globalia, will remain the majority shareholder of the company. Meanwhile, IAG – the holding company that owns Iberia, Vueling, and British Airways – will retain its current stake through the purchase of shares in Globalia. With this repayment, which includes interest, the amount recovered by the fund created to rescue strategic companies affected by the pandemic (FASEE) totals €1.425 billion. This sum represents 53% of the €2.681 billion granted. In addition to Air Europa, Ávoris, Eurodivisas, Wamos, Rugui Steel, Ferroatlántica, Soho, Hesperia, and Hotusa have also repaid their loans.

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The hotel chain Hotusa has fully repaid the loan it received from the State, through the public company SEPI, to address the consequences of the COVID-19 crisis. The company chaired by Amancio López Seijas has repaid the last 56 million of the total 241 million it received in 2021.

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The back-and-forth over control of Talgo continues. Finally, the Spanish government and the Basque government agreed that SEPI, the investment arm of the Spanish government, will participate in Sidenor's takeover of Talgo, as the regional government announced in a press release Tuesday night, following the Bilateral Commission between the two governments held in Madrid. "This is long-awaited news: both governments have channeled SEPI's participation to make the [Sidenor] operation viable and thus maintain Talgo's activity and occupation in the Basque Country," the Basque government reported. Beyond that, however, Basque Basque Regional President Imanol Pradales declined to go into detail about the basis of this participation, that is, whether it involves the purchase of a portion of Talgo's shares by SEPI or the granting of a long-term convertible loan, as reported by the newspaper. The CountryPradales explained that the agreement will be developed "in the coming weeks." "I want discretion," he said. Be that as it may, the move provides a breath of fresh air that should allow the Basque company Sidenor to take definitive control of Talgo: the entry of SEPI would be a way to strengthen the company's accounts and allow banks to refinance its debt.

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The board meeting of Telefónica this Wednesday was not only the first since Marc Murtra was appointed president of the company telecom, but it has also led to a dance of musical chairs within this power body just one day before the presentation of the annual results. One of the main changes is The promotion of Carlos Ocaña Orbis to vice president of the company, as reported by the telecom through the National Securities Market Commission (CNMV) once the board has finished. The move is significant because Ocaña is a Telefónica director representing SEPI, the investment arm of the Spanish government. He joined in May last year, when the executive had already bought almost 10% of the company's share capital, which made him the largest shareholder and, therefore, gave him the right to have a seat on the board of directors.

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