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Campari’s office move to Netherlands in limbo
Italy’s Campari Group said it was “not possible to predict” if its registered office will move to the Netherlands as planned.
Bob Kunze-Concewitz, chief executive officer, Campari Group
On 18 March, Campari Group confirmed its “strong commitment” to transfer its registered office from Italy to the Netherlands despite the difficult macroeconomic environment due to the Covid-19 pandemic. Aperol maker Campari Group decided to act in order to “neutralise the potential negative impact” that could come from shareholders withdrawing their support of the transaction.
In response to rumours in the press that the move was “about to be aborted”, Campari released a statement on Friday (29 May) to clarify that the transaction has not been “aborted”, but that it was unable to predict if the move would happen as it depends on a number of factors.
The factors include: the outcome of the liquidation procedure of the withdrawn shares (which is currently ongoing and due to expire on 21 June 2020), the potential decision of the shareholders to cancel it based on the currently unknown outcome of such liquidation procedures and on the currently undetermined costs associated with it.
The Italian drinks firm also said the proposition would depend upon the “outcome of the potential subsequent placement of the unabsorbed withdrawn shares and the difference between the withdrawal price and the market price of Campari’s shares during the relevant periods”.
In the statement, Campari Group said the deal is part of the firm’s long-term growth strategy. If the move does not go ahead as planned, the company intends to propose it once again when markets and Campari’s stock prices stabilise and are no longer affected by the current “extraordinary circumstances”.
Campari also noted that the timing of the potential re-proposition depends on the stabilisation of the firm’s share price in the coming months. It would be resubmitted for shareholders’ approval.
In regards to mergers and acquisitions, the firm said no deals are currently about to be completed or announced.