Campari holding firm nears 400 million euro tax settlement, sources say

By ‌Elisa Anzolin and Emilio Parodi

MILAN, Dec 9 (Reuters) - Lagfin ‍SCA, ‌the Luxembourg-based holding company that controls Italian drinks group ⁠Campari, is in advanced ‌talks with the Italian Revenue Agency to settle a tax dispute by paying around 400 million euros ($464.88 million), three sources ⁠with direct knowledge of the matter told Reuters on Tuesday.

The figure ​is around a third of the 1.29 ‌billion euros worth of ⁠Campari shares that the Guardia di Finanza seized in October following a probe into allegedly unpaid ​taxes.

Under the agreement, not yet finalized, the payment will be divided into several instalments. The first tranche of 150 million euros is due by year-end, ​whit ‍the remaining tranches scheduled ​from 2027 onwards, one of the sources said.

Lagfin will fund the initial payment with cash already set aside, the source added.

Lagfin was not immediately available for comment.

At the time of the share seizure, Lagfin denied ⁠any wrongdoing while Campari said it was not involved in the case.

Milan ​prosecutors last year launched a criminal probe after checks by the Guardia di Finanza police uncovered around 1 billion euros of allegedly unpaid ‌taxes from 2018-2020, owed by Lagfin.

($1 = 0.8604 euros)

(Reporting by Elisa Anzolin and Emilio Parodi, editing by Giselda Vagnoni)