Italian tax police have seized shares worth nearly EUR 1.29 billion (USD 1.5 billion) in the spirits group Campari, after allegations that its controlling shareholder, Lagfin, had failed to declare over EUR 5 billion (USD 5.3 billion) in taxable gains from a past merger. The seizure, announced after markets closed on Friday, represents about 17 percent of Campari’s ordinary shares—roughly one-sixth of the Aperol and Campari Bitter maker’s total market value of EUR 7.4 billion.
According to Reuters, the investigation focuses on so-called exit-tax gains that allegedly went unreported when the Garavoglia family transferred corporate assets abroad via the 2019 merger of the Italian holding Alicros into the Luxembourg-based Lagfin. Italian prosecutors claim the restructuring generated undeclared capital gains subject to domestic taxation. The Guardia di Finanza accuses Lagfin of filing a “fraudulent tax return” and calculates the state’s loss at EUR 1.29 billion.
Lagfin, which owns 51.8 percent of Campari’s shares but controls over 80 percent of the voting rights, denies any wrongdoing and insists it has “always acted in full compliance with all Italian tax regulations.” Despite the seizure, its control over the Milan-listed group remains intact. Campari itself stressed that it is not under investigation.
The Milan prosecutors’ action also places Campari’s long-time chairman Luca Garavoglia—at the helm since 1994—under formal investigation for alleged fraudulent tax returns. Financial analysts from Equita and Banca Akros warned that if the claims are upheld, Lagfin may have to sell shares to cover the potential tax bill, which could weigh further on the stock. Following the announcement, Campari’s shares dropped by up to six percent at Monday’s opening before partially recovering.
Founded in 1860, the Davide Campari-Milano group has grown from a Milanese family business into a global beverage powerhouse, producing internationally recognized brands such as Aperol, Crodino and Cynar.
