Le Campari shares are on the rise this morning at Piazza Affari after some rumours indicated that Lagfin Sca, the Luxembourg holding company that controls the company Spritz, is approaching a agreement tax from 400 million euro, as reported by Reuters.
In bucking compared to the 0,42% drop in the Ftse Mib, at mid-session the Campari title shows an increase of 1,19% to 5,76 euros after having marked a session high of 5,78 euros.
Its main shareholder Lagfin, based in Luxembourg, would be in advanced negotiations with theItalian Revenue Agency to resolve a tax dispute and ready to pay 400 million euros, about a third of the sum initially requested by the authorities, as reported by some sources Reuters last night. In October, the Italian authorities had Campari shares seized for a value of 1,29 billion euros in the context of an investigation on alleged tax evasion.
The transaction will be made in installments. The first installment, worth €150 million, will be paid within the year.
- analyst welcomed the prospect of a deal, saying the development had eliminated the risks that weighed on the title, including the possibility that Lagfin may have been forced to sell Campari shares to finance the tax bill.
Lagfin, based in Luxembourg and controlled by Italian Garavoglia family, will pay theinstallment agreement, sources reported. The first tranche of 150 million euros, due by the end of the year, It will be covered by funds already set aside. Campari reiterates that it is not involved in the case, while Lagfin has always denied any wrongdoing.
“I believe this can significantly help remove the perceived risk of excess: the amount is relatively small and can be paid in subsequent installments, so the chances of a forced sale of Campari shares are now quite low in my view,” wrote the analysts. Mediobanca Securities in a note. Analysts of Banca Akros They said that a €400 million tax settlement would be “positive news for Campari, as it would eliminate an element of uncertainty that still weighs on the share price story.”
