Published by Global Banking and Finance Review
Posted on November 3, 2025
MILAN (Reuters) -Shares in Campari fell 5% on Monday after Italian tax police seized 1.29 billion euros ($1.5 billion) worth of shares in the Italian spirits group held by its controlling shareholder for alleged tax evasion, equal to almost a sixth of the Aperol maker's current market value.
Police said late on Friday that they were seizing Campari shares held by Lagfin after a probe found 5.3 billion euros of undeclared capital gains on which it allegedly failed to pay an exit tax levied on firms that transfer their fiscal residence abroad.
Lagfin, which is owned by Italy's Garavoglia family, has denied any wrongdoing. Lagfin said it held more than 80% of Campari's voting rights, against a 51% stake, meaning the precautionary seizure would not affect its position as controlling shareholder. The seized amount represents about 17% of Campari's ordinary shares, based on Friday's closing price.
Shares in the Milan-based group, known for its Aperol and Campari aperitifs, pared some of their losses and were down 3.4% at 1145 GMT.
Campari, which had a market valuation of around 7.45 billion euros at Friday's closing prices, said it was not involved in the investigation.
SHARES COULD BE SOLD TO PAY TAX BILL
However, if prosecutors' allegations are ultimately confirmed, the Garavoglia family could opt to sell Campari shares on the market to pay the tax bill, a scenario that creates an overhang on the stock, according to Equita and Banca Akros analysts' reports.
In previous similar tax evasion cases, companies under investigation reached settlements with the Italian authorities which led to a significant reduction in the amounts paid. Mediobanca estimates that under a settlement, Lagfin could pay 25% to 40% of the initial amount being claimed.
According to the seizure order seen by Reuters, Campari Chairman Luca Garavoglia is among those under investigation for fraudulent tax returns, in addition to Lagfin SCA as a company.
Garavoglia, 56, has been chairman since 1994. He has not commented specifically on the allegations against him.
The Campari group merged its original holding company Alicros, headquartered near Milan, into Luxembourg-based Lagfin in 2019. Milan prosecutors started looking into the move just over a year ago, Reuters has reported.
(Reporting by Elisa Anzolin; Writing by Valentina Za; Editing by Keith Weir and Tomasz Janowski)
