Italian Authorities Seize Over €1 Billion in Campari Shares Amid Tax Evasion Probe

Italian financial police in Milan have seized more than one billion euros worth of Campari shares as part of an investigation into alleged tax evasion. The case centers on Lagfin, a Luxembourg-based holding company that controls the majority of Campari shares. According to information from Italian media and confirmed by authorities, Lagfin carried out a merger by incorporation, absorbing its own Italian subsidiary that held most of the Campari shares.

Investigators allege that during this operation, Lagfin failed to declare capital gains of about 5.3 billion euros generated by the Italian subsidiary’s assets. Under Italian law, these gains should have been reported and taxed. Authorities estimate that the unpaid taxes amount to approximately 1.3 billion euros, which is reflected in the value of the seized Campari shares.

The seizure took place following months of inquiry by Milan’s Guardia di Finanza, Italy’s financial police force. The investigation aims to determine whether Lagfin deliberately avoided paying taxes due on the capital gains realized through the restructuring.

Campari Group, which is listed on the Milan Stock Exchange with a market capitalization of around seven billion euros, has not yet commented publicly on the matter. The company is known internationally for its namesake aperitif and owns a wide portfolio of spirits brands, including Wild Turkey and Glen Grant whiskies, Courvoisier cognac, as well as several gin, tequila, and vodka labels.

The legal proceedings are ongoing, and it remains unclear how the seizure will affect Campari’s operations or its share price in the coming weeks. The case highlights ongoing scrutiny by Italian authorities over cross-border corporate structures and tax compliance among major companies operating in the country.