The market is worried about Campari. The title, that yesterday June 27 left on the ground at the end of the session 3.6% after being in red for over 4.3%, today faces a day that seems less pessimistic even if the title always travels in negative ground: in the middle of the eighth loses just under 1%. The fault of this debacle are the rumors of the brand’s involvement in a series of tax audits. The allegations that Campari has resolutely rejected. 

"With regard to some articles published on 26 June in various newspapers, Campari Group states that neither Davide Campari-Milano N.V. nor any of its subsidiaries are subject to investigation by the authorities. Consequently, no impact is foreseen for Davide Campari-Milano N.V. nor for any of his companies". 

The investigations cited in the Group’s note concern tax checks on Lagfin Italian Branch, an Italian subsidiary of the Luxembourg holding company that controls the majority of the group. The articles recalled by the group’s press release fear an alleged tax evasion of more than one billion Euros, on a tax base of about 5 billion. 

According to ANSA, the story is similar to the Exor case, that paid over 700 million to the tax authorities.

Like specified from the group, the operating societies are not involved, but the market has however penalized strongly the stock exchange.