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The Spanish government is awaiting a court ruling that could reshape the country’s defense industry, as negotiations continue over the acquisition of Indra Sistemas by the Escribano family’s EM&E defense company. The standoff has prompted Moncloa, the seat of the Spanish government, to consider leveraging a legal challenge to force a change in leadership at Indra, or at least a dilution of Ángel Escribano’s power, according to sources familiar with the discussions.

At the heart of the potential leverage lies a lawsuit filed by Santa Bárbara Sistemas, a subsidiary of the U.S. Defense giant General Dynamics, contesting over €3 billion in zero-interest loans granted by the Spanish Ministry of Industry to Indra and EM&E. The loans were intended to support the development of new wheeled and tracked artillery programs for the Spanish Army. The Spanish Supreme Court has agreed to hear the case and a decision on whether to issue a precautionary measure suspending the funding could come as early as this month.

According to sources, a ruling in favor of Santa Bárbara could significantly impact Indra’s stock price and provide Moncloa with a powerful tool in its negotiations with the Escribano family. Santa Bárbara argues it was unfairly excluded from the bidding process for the artillery programs, despite being the only Spanish manufacturer of artillery systems and a major player in terrestrial combat vehicles. The company claims it was not even invited to participate in the negotiated procedure used by the government to award the contracts.

The opposition People’s Party (PP) has too raised concerns about the contracts, launching an offensive in the Spanish Congress of Deputies over the public contracts awarded to Indra without a competitive tender. Alberto Nadal, the PP’s vice-secretary for Economy and Sustainable Development, has suggested that the government’s ambition to create a national defense champion has been “irregular from the start.”

The acquisition of the Escribano family’s company had appeared to be progressing smoothly before the end of 2023, but has since stalled, revealing a behind-the-scenes struggle between the Escribanos and Moncloa. Sources indicate the government has been maneuvering to replace Ángel Escribano as president of Indra. Ángel Escribano Ruiz, born in 1971, co-founded EM&E with his brother Javier in 1989, growing it from a small machining workshop into a significant player in the Spanish defense sector. He became President of Indra Sistemas in January 2025.

The situation is further complicated by concerns raised by Brussels regarding a potential conflict of interest and the possibility of granting excessive power to a private family within the defense industry. Lobbying efforts by General Dynamics European Land Systems (GDELS), reportedly aided by Iván Redondo, a former senior advisor to Prime Minister Pedro Sánchez, are also believed to be influencing the government’s position.

Currently, Ángel Escribano and his brother Javier control approximately 14.3% of Indra’s capital. Following the repurchase of a 32% stake previously held by an Omani fund in 2022, a full integration of EM&E would increase the family’s ownership to over 25%. Though, a merger by absorption appears unlikely. The Spanish government, through SEPI, remains the largest shareholder in Indra.

Moncloa is also seeking input from Washington on the operation. Benjamín León, the new U.S. Ambassador to Spain, arrived in Madrid this week to initiate a series of high-level meetings with government officials, U.S. Companies with industrial interests in Spain, and major groups within the Ibex 35 index linked to the arms industry.

Savannah Guthrie, the co-host of NBC’s “Today” show, issued a public plea Sunday for the safe return of her 84-year-classic mother, Nancy Guthrie, who has been missing since February 1.

In a video posted to her Instagram account, Guthrie directly addressed anyone potentially involved in her mother’s disappearance, stating, “It’s never too late to do the right thing. And we are here. We believe in the essential goodness of every human being.” She added, “We still have hope.”

Nancy Guthrie was last seen after her family dropped her off at her home near Tucson, Arizona, following dinner on January 31, according to authorities. Officials believe she was taken from her residence. She has limited mobility and requires daily medication for a heart condition, raising concerns for her well-being.

The Federal Bureau of Investigation (FBI) has increased the reward for information leading to Nancy Guthrie’s whereabouts, raising it from $50,000 to $100,000, according to reports. Savannah Guthrie previously urged the public to contact authorities with any potentially relevant information in a video posted last Monday, stating, “We are at an hour of desperation, and we necessitate your assist.”

Savannah Guthrie has been absent from “Today” since her mother was reported missing.

As of February 16, 2026, the investigation remains ongoing. Authorities have not released any information regarding potential suspects or leads. The Dow Jones Industrial Average closed at 39,990.03 on February 13, 2026, according to SlickCharts, a figure that has no bearing on the case but represents the market close date for some financial data.