The controlling shareholder of Campari Group, Luxembourg-based Lagfin, has been hit with a precautionary share seizure worth in the region of EUR1.29bn (US$1.5bn) by Italy’s financial police.
The order, issued by the Court of Monza and executed by the Milan Provincial Command of the Guardia di Finanza, concerns Lagfin’s 50% stake in the owner of Aperol, Skyy and Wild Turkey. According to the financial police, the investigation stems from a tax audit of Lagfin following its merger with an Italian subsidiary that previously held a majority stake in Campari.
Authorities allege that more than EUR5.3bn in capital gains were not declared or taxed when assets were transferred abroad. They claim that while Lagfin’s structure involved a formal transfer of assets to a domestic branch, “the actual management of the financial company was exercised by the foreign parent company”.
The seizure was executed by placing a lien – a legal right to obtain property until a debt is paid off – on Lagfin’s ordinary shares in Campari corresponding to the alleged unpaid tax amount.
Campari Group has confirmed the implementation, stressing that it relates solely to the company’s majority shareholder and will have “no impact whatsoever” on the brand owner itself.
Lagfin issued a statement in response, clarifying that the seizure “is connected to a tax dispute that started approximately two years ago and that has never involved Campari Group in any manner whatsoever”.
The company added: “Lagfin trusts that it has always acted in the most scrupulous respect of any applicable laws and regulations, including any Italian tax laws, and therefore it will defend itself vigorously and serenely in all competent forums.”
Lagfin also emphasised that the precautionary seizure “is absolutely unable to affect the position of Lagfin as controlling shareholder of Campari,” noting that it holds over 80% of the group’s voting rights.
The news comes a few days after Campari reported a 4.4% jump in sales for the three months to the end of September, reaching EUR752.8m. This resulted in a year-to-date that stands at 1.5% up on the corresponding nine months of 2024.
