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Aperribay (Sapa) asks for a step in the council to prop up Murtra as an executive

Openwork movement in the dome of Indra to prop up Marc Murtra. Sapathe Spanish defense company, has exercised his right and claims a seat on the board of directors of the semi-public company. He does so through a modification of the agenda of the general meeting of shareholders that will serve to crown the new executive president ‘de facto’. With this, the distribution of power changes in the highest decision-making body. The State Company of Industrial Participations (Sepi) must also appoint its new representative.

All eyes were on Sepi, but the one that has finally made the move has been the company run by Jokin Aperribay, the Basque businessman who is also president of Real Sociedad. The state company, as a reference shareholder, had not requested a change in the agenda to incorporate its new shareholder. But the one that has done it has been the Basque Sapa. The council held this June 6 has agreed, after a report from the Appointments Committee and the board itself, include a new item on the agenda for the appointment of Aperribay.

Last December, Corporación Financiera Alba transferred 5% of Indra to the Basque arms manufacturer. The payment was 90 million, but it was executed with hardly any money involved in an operation designed and executed by Deutsche Bank. This entry was agreed by the Executive of Pedro Sánchez to ensure fidelity in his attempt to have greater control and also to create a ‘hard core’ in the defense area.

There are still a little more than two weeks left for the holding of the key general meeting for Sepi and for Marc Murtra. The prior advice of the board will be key for the appointment of the third director of the state company, although it cannot be ratified in the assembly since it did not request the modification of the agenda. In the event that it is not possible to formally appoint Murtra, an extraordinary assembly will have to be convened. The other possibility would be a potential departure of Ignacio Mataix himself as CEO, for which the internal pressure intensified.

New correlation of forces

Even so, the correlation of forces with this input from Sapa changes significantly in favor of the thesis of the State. The hitherto ‘boss’ of the independents and promoter of the ‘rebellion’ that prevented Murtra’s appointment last year, Alberto Terol, will resign from the board. He will be replaced by Enrique de Leyva, pointed out as a key piece for this new stage dominated by Sepi. The gap in Terol will be filled by Aperribay.

Sapa is also a key player in the consolidation of the entire Spanish defense sector that the Sánchez government is looking for. The company led by Aperribay is already part of the Spanish consortium with the venture capital fund Bain Capital to control ITP Aero. One of Indra’s first projects with Murtra as president with executive powers would be to enter the Basque manufacturer as a reference partner.