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Campari moves registered office to the Netherlands

Published:  19 February, 2020

Campari has unveiled plans to move its registered office from Italy to the Netherlands as part of a shareholder shakeup geared towards M&A opportunities.

CEO Bob Kunze-Concewitz confirmed the transfer of the registered office to the Netherlands and the adoption of a flexible share capital structure is being arranged in order to allow the Italian spirits maker to “pursue further growth through external opportunities and underpin a long-term committed shareholder base, in line with our strategic guidance”.

Reuters is reporting this morning that the shake-up is being organised in order to grow the company via an enhanced loyalty share scheme.

By introducing a new special voting rights mechanism, gradually increasing the voting rights of its long-term investors, Campari is trying to “create room to issue new shares to fund partnerships or acquisitions with other groups without disturbing the balance of powers inside the company”.

In terms of ‘moving’ to the Netherlands, Kunze-Concewitz said this would not “impact on the organization, management and business operations in Italy,” which remains a key market for Campari Group’s future growth.

The company will maintain its tax residence in Italy.

The announcement comes at the same time as the company’s full year results.

The world’s sixth largest premium spirit company had a good year in 2019. Sales rose 5.9% on an organic basis last year, reaching €1.84bn (€408m when adjusted EBIT).

Sales were up 39.6% in the UK, largely down to double-digit growth of Aperol across Europe, and growth in Wray&Nephew Overproof and Magnum Tonic in the UK.