(Adds no comments from parties involved)
MILAN, April 28 (Reuters) - Italian financier Roberto Colaninno is in talks with Deutsche Morgan Grenfell about buying its controlling stake in Piaggio, maker of the iconic Vespa scooter, sources said on Monday.
Colaninno, sitting on a substantial pile of cash after a Pirelli-led group wrested control of Telecom Italia from him in 2001, is widely understood to be looking for new opportunities and earlier this year made an abortive bid for control of car maker Fiat .
Colaninno recently acquired real estate group Immsi and said it could be used as a takeover vehicle. His name has been floated in the Italian press in connection with several companies up for sale in recent months.
"There are talks, which in these last few days seem to have sped up," a source close to the negotiations said, commenting on weekend press reports that a deal with Piaggio was close.
Spokesmen for Deutsche Morgan Grenfell and Colaninno declined to comment.
The Deutsche Bank-controlled private equity fund owns about 86 percent of Piaggio, whose Vespa scooters came to symbolise Italy's Dolce Vita lifestyle in the 1950s and 1960s.
But Piaggio has struggled financially amid weak demand in its main Italian market in recent years and at the beginning of the year it announced a 100 million euro capital increase, of which Deutsche Morgan Grenfell committed to underwriting 25 million euros.
La Repubblica newspaper reported on Saturday that Colaninno was set to take a minority stake in Piaggio by underwriting a 100 million euro capital increase.
Sources said Colaninno might also try to renegotiate Piaggio's debt with creditors Banca Intesa and Monte dei Paschi di Siena , possibly asking them to convert their loans into equity.
Nobody at either bank was immediately available to comment.
Piaggio has about 400 million euros in debt, one of the sources said. Newspapers have put the debt total at a higher 550 million euros.
Colaninno could potentially use Piaggio as a jumping off point to buy into Italian motorcycle groups MV Augusta and Ducati , la Repubblica said. Ducati is controlled by private equity fund Texas Pacific Group, which also has a 8.5 percent stake in Piaggio.
Texas Pacific Group declined to comment on the possible Piaggio buyout but referred back to a statement it made earlier this month denying reports it might sell its Ducati stake.