MILAN Nov 20 Pirelli chairman Marco
Tronchetti Provera has called off a shareholder pact in GPI, one
of the holding companies through which he controls the Italian
In a statement on Tuesday, Tronchetti Provera's MTP Sapa
holding said it had revoked a pact in GPI with former ally
The termination of the pact by Tronchetti Provera comes as
the businessman is in talks to get two Italian private equity
funds to invest in an eventual new Pirelli holding.
Tronchetti Provera and the Malacalza family, the
second-largest investor in GPI, have been locked in a dispute
over how to best repay some 140 million euros ($179 million) in
bank debt at Pirelli major shareholder Camfin.
Pirelli's complex control chain involves three interlocking
holding companies - MTP Sapa, GPI, and Milan-listed Camfin.
($1 = 0.7803 euros)
(Reporting by Antonella Ciancio, editing by Danilo Masoni)