Campari down after Italy seizes $1.5 bln shares from top shareholder

Davide Campari Milano NV

03/11/2025 08:03

** Shares in Italian spirits group Campari CPRI.MI are down around 5% to the bottom of Europe-wide STOXX .STOXX index

** Italian tax police had seized Campari shares worth 1.29 billion euros ($1.5 billion) from a holding company Lagfin SCA that controls Campari, over alleged tax evasion

** Lagfin SCA denied any wrongdoing; Campari said it was not involved in the case and neither were any of its subsidiaries

** "While the Campari group itself is not involved, the news is likely to put pressure on shares, with an overhang until the tax dispute is clarified," J.P.Morgan says in a note

** The analysts estimate that the seized shares amount to around 16% of Camapri's market capitalisation, which they deem "material" if Italian authorities were to sell them to settle the tax

** Up to the previous session's close, Campari shares were up 66%​ YTD

 (Reporting by Romolo Tosiani)

 ((Romolo.Tosiani@tr.com))