Brothers in arms: Spanish defence merger raises conflict questions
EM&E’s co-founder seeks deal with aspiring national champion Indra — whose chair is his elder sibling
EM&E’s co-founder seeks deal with aspiring national champion Indra — whose chair is his elder sibling

Indra’s Ángel Escribano to step down after planned tie-up of EM&E was abandoned following conflict of interest concerns

Investors question if some institutions rubber-stamp deals that could benefit other businesses

France, Italy, Spain and Poland among countries requesting support from project designed to spur defence spending

Offering seen as signal of whether large private equity groups can begin exiting largest deals

The bidding war for geniuses will antagonise those just below

Examples of assets shunted from one continuation vehicle into another are dribbling out