Police seize €1.29bn Campari shares
The Italian authorities are currently investigating Lagfin, Campari’s holding company, for alleged tax fraud.
The order was issued by the Court of Monza and executed by the Milan Provincial Command of the Guardia di Finanza.
Luxembourg-based Lagfin holds 51.8% of Campari’s issued share capital. The Garavoglia family controls the holding company.
The police have seized Campari shares worth €1.29 billion (US$1.49bn) from Lagfin. The shares will be held until the case is resolved.
In a statement, Campari described the move as a “precautionary measure” and claimed the group has no role in the dispute. It explained that 34% of Lagfin’s shares had been seized, although the holding company retains its voting rights, equal to 84% of total votes.
It added: “Even if the voting rights attached to the seized shares had been temporarily lost, Lagfin would have still retained around 72% of the votes, thus maintaining control over Campari.
“Lagfin believes that the tax claim and the related criminal investigations are unfounded in every respect and that it has always acted in full compliance with the law and with utmost transparency. It therefore reserves its right to take action (including against the preventative seizure) to protect its interests.”
In Campari Group’s most recent financial results, organic sales were up by 4.4% for its third quarter.
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