LOSING SPIRIT: A published report in Milano Finanza Sept. 27 said that Arrigo Cipriani intends to withdraw his involvement in the I Spirit vodka joint venture he started in 2009 with Lapo Elkann.

Cipriani, owner of Venice’s celebrated waterhole Harry’s Bar and son of its founder, was said to possess 34.7 percent of the I Spirit shares before the latest board meeting, where he presented shareholders with the 2011 balance sheet. According to Milano Finanza, after the meeting Elkann’s own shares through LA Holding went from 21 percent to 50 percent.

A spokeswoman for Italia Independent, the lifestyle and apparel company Elkann founded in 2007, confirmed that LA Holding now owns 50 percent of I Spirit shares, but denied the departure of Arrigo Cipriani, whom she said remains president of the board.