Italy Seizes €1.3B Lagfin Shares in Tax Probe

Italian tax police and prosecutors, with approval from a Monza judge, ordered a precautionary seizure of roughly €1.29–1.3 billion in shares held by Luxembourg-based Lagfin, the controlling shareholder of Davide Campari‑Milano NV, as part of an ongoing tax‑fraud probe. Investigators say a cross‑border merger in which Lagfin absorbed its Italian subsidiary generated about €5.3 billion of undeclared capital gains from 2018–2020 and unpaid “exit tax” on assets moved abroad. Authorities allege transfers and restructurings were used to shift Italian assets into foreign ownership for tax purposes; local reporting names Campari chairman Luca Garavoglia among those under scrutiny. Lagfin has strongly denied wrongdoing and Campari Group says it is not a party to the investigation, noting Lagfin holds over 50% of shares and roughly 80% of voting rights. The seizure has prompted market volatility and investor concern, and the investigation remains active with potential further legal and market implications for Campari and its shareholders.