Campari slips in Piazza Affari (-3.4%) where it is one of the worst stocks on the main list. Weighing on the stock are the news on the eve of an alleged huge tax evasion with the risk for the company, famous for the ingredients of the spritz, of having to pay 1.2 billion in taxes.
The Guardia di Finanza has reportedly issued a crime notification to the Revenue Agency and the Milan prosecutor’s office following an investigation against Lagfin, the holding company of the Garavoglia family that controls 51% of Campari’s capital and 82.5% of the voting rights. The failure to pay the exit tax on the occasion of the transfer of the group’s controlling interest from Italy to Luxembourg in 2018 with the merger of the national company Alicros (which held the controlling interest in Campari) into the holding company in the Grand Duchy is contested.
Last night Campari indicated in a note that none of the group’s companies are under investigation and that therefore no impact is expected for the listed company. In a separate statement, Lagfin then declared itself calm about any possible dispute, currently indicated as potential as no assessment notice has been issued so far. It also considers the findings to be devoid of any foundation, having – it claims – always fulfilled its tax obligations in all the jurisdictions in which it operates.
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