(Telestock) – Lagfinthe Luxembourg-based holding company with which the Garavoglia family controls the group Campariannounced theplans to purchase up to 100 million euros of shares ordinary Camparia group that is part of the FTSE MIB and is active in the beverage sector, as it believes that the current share price does not accurately reflect the true value of the Group.
This intention “confirms once again the strong long-term commitment Lagfin in the Campari Group and its full support for Campari’s long-term growth strategies”, reads a note.
Lagfin explained that the purchases will be carried out in the next few days based on market conditions.
Campari stock closed yesterday with a 7.5% drop after sudden resignationswith immediate effect, of Matthew Fantacchiotti as CEO after just five months, “for personal reasons.” Traders cited Fantacchiotti’s comments at an investor conference last week as the reason for Campari’s shares to fall, after the former CEO warned that a growing crisis was affecting the spirits sector.