Campari distances itself from court shares order

Core Viewpoint - Campari asserts that it is not affected by the ongoing tax dispute involving its controlling shareholder Lagfin, despite the seizure of shares worth €1.3 billion ($1.49 billion) by Italian authorities due to alleged tax evasion [1][3][4]. Group 1: Tax Dispute Details - Italian financial police executed a precautionary seizure of €1.29 billion of shares from Lagfin, claiming that capital gains exceeding €5.3 billion were not declared and taxed as required by law [2]. - The tax dispute has been ongoing for approximately two years and has never involved Campari Group directly [4]. Group 2: Company Statements - Campari Group clarified that the tax litigation does not concern Davide Campari-Milano or its subsidiaries, indicating no expected impact on the company [3]. - Lagfin expressed confidence in its compliance with applicable laws and regulations, asserting that it will defend itself vigorously in legal forums [4]. Group 3: Market Reaction - Following the news, shares of Campari, known for brands like Aperol and Courvoisier, fell by 3.54% [5].