November 20, 2012 / 4:40 PM / 5 years ago

Pirelli chairman calls off GPI shareholder pact

MILAN, Nov 20 (Reuters) - Pirelli chairman Marco Tronchetti Provera has called off a shareholder pact in GPI, one of the holding companies through which he controls the Italian tyremaker.

In a statement on Tuesday, Tronchetti Provera’s MTP Sapa holding said it had revoked a pact in GPI with former ally Malacalza Investimenti.

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)

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