Spanish government to monitor Escribano Mechanical's IPO and block hostile defence investors

Madrid has pledged to keep a close eye on the intended public offering of Escribano Mechanical & Engineering by brothers Ángel and Javier Escribano. Should the listing move forward, the state will intervene to prevent entry of investors it classifies as hostile, such as firms from non-NATO or non-EU countries, speculative investment funds and companies that could compete with Indra. Any acquisition exceeding five percent of EM&E’s capital would need clearance from the Ministry of Defence, the Junta de Inversiones and the Council of Ministers.

The move follows a turbulent history between the government and the Escribano family, including a failed merger with Indra and a forced exit from Indra’s capital. The administration also plans to extend its anti-OPA shield for at least another year to safeguard strategic defence assets.