Campari Falls After Concluding Placement for Courvoisier Deal

Shares in Davide Campari-Milano Group N.V. fell on Wednesday after the beverage maker said it had it concluded a share and bond placement to finance its largest-ever acquisition.

Campari issued €650 million ($710 million) in new shares to finance the purchase of the Courvoisier cognac brand from Beam Suntory Inc. for at least $1.2 billion, according to a statement. The company offered senior unsecured convertible bonds due in 2029 for €550 million.

The shares fell 6.5% after the opening in Milan, the most in 11 weeks, dropping to 9.28 euros, lower than any close since Nov. 9, 2022.

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