Massive Asset Seizure Hits Campari Group's Controlling Company

Italian tax police seized assets worth 1.29 billion euros from Luxembourg-based Lagfin, Campari Group's controlling stakeholder, amid a tax investigation. The move is precautionary, linked to alleged tax evasion following a merger. Lagfin denies wrongdoing and will challenge the allegations.

Italian authorities have initiated a significant asset seizure operation, targeting Lagfin, the Luxembourg-based holding company controlling Campari Group shares, with a valuation of 1.29 billion euros (USD 1.5 billion). The seizure is part of an ongoing tax fraud investigation.

The legal maneuver follows an audit triggered during Lagfin's merger with its Italian subsidiary, leading to accusations of tax evasion. Lagfin, which holds the majority voting rights for Campari, maintains its integrity and compliance with applicable laws, while vowing a robust defense.

Despite these developments, the financial security of Campari Group, famed for its red aperitif and other international beverage brands, remains ostensibly untouched due to Lagfin's dominant shareholder position.

(With inputs from agencies.)