Campari Stock Declines Following Tax Authorities' Seizure of $1.5 Billion in Parent Company's Shares

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 03 2025

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Source: Reuters

Tax Evasion Allegations: Campari shares fell 5% after Italian tax police seized €1.29 billion worth of shares from its controlling shareholder, Lagfin, for alleged tax evasion related to undeclared capital gains.
Impact on Shareholder Control: Despite the seizure, Lagfin maintains over 80% of Campari's voting rights, ensuring it remains the controlling shareholder, while the seized shares represent about 17% of Campari's ordinary shares.
Potential Market Consequences: Analysts suggest that if the allegations are confirmed, the Garavoglia family may need to sell shares to cover tax liabilities, creating uncertainty for investors.
Ongoing Investigation: Campari's chairman, Luca Garavoglia, is under investigation for fraudulent tax returns, with the company stating it is not involved in the investigation, which began after a merger with Lagfin in 2019.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.