Campari Says No Effects To Business From Holding Company’s Tax Investigation

Lagfin, the Luxembourg-based holding company of Campari Group, late last week saw Italian tax authorities seize approximately €1.2 billion ($1.4b) in shares on a precautionary basis in relation to a tax dispute that dates back two years. Both Lagfin and Campari issued statements emphasizing that the matter will not impact the Campari business, which last week posted sales up 1.5% organically to €2.28 billion ($2.64b) for the nine months through September.

Lagfin, which controls over 80% of Campari’s voting rights, said it “has always acted in the most scrupulous respect of any applicable laws and regulations” and will defend itself vigorously in the case. In a statement, Campari added that “no impact whatsoever is expected for Davide Campari-Milano N.V. nor for any of its subsidiaries.”—Daniel Marsteller

Tagged : Campari Group, Lagfin

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