Davide Campari-Milano SpA Managing Director Stefano Saccardi sold 2.45 million euros ($3.2 million) of the company’s stock after shares rose to a record this month.
Saccardi divested 408,646 shares of Milan-based Campari at 5.99 euros each on Sept. 17 in the exercise of stock options, according to a statement distributed late yesterday by the Italian stock exchange. On Sept. 14, the last trading day before the transaction, Campari rose 1.5 percent in Milan to 6.10 euros, a record close at the time.
Campari, which produces the eponymous red liquor, Skyy Vodka and Wild Turkey bourbon, has advanced 11 percent this month. The company posted an 8 percent gain on Sept. 3 when it announced a deal to purchase Jamaican rum maker Lascelles deMercado & Co. On Sept. 14, Franco Peroni, Campari’s group product supply-chain officer, exercised stock options, selling 1.57 million euros of shares at 6.01 euros each.
Campari, which started trading on the exchange in June 2001, rose less than 1 percent to 6.08 euros on Sept. 21.