  We report parallax measurements by the HIPPARCOS satellite of zeta Puppis and
gamma^2 Velorum. The distance of zeta Pup is d=429 (+120/ -77) pc, in agreement
with the commonly adopted value to Vela OB2. However, a significantly smaller
distance is found for the gamma^2 Vel system: d=258 (+41/-31) pc. The total
mass of gamma^2 Vel derived from its parallax, the angular size of the
semi-major axis as measured with intensity interferometry, and the period is
M(WR+O)=29.5 (+/-15.9) Msun. This result favors the orbital solution of Pike et
al. (1983) over that of Moffat et al. (1986). The stellar parameters for the O
star companion derived from line blanketed non-LTE atmosphere models are:
Teff=34000 (+/-1500) K, log L/Lsun=5.3 (+/-0.15) from which an evolutionary
mass of M=29 (+/-4) Msun and an age of 4.0 (+0.8/-0.5) Myr is obtained from
single star evolutionary models. With non-LTE model calculations including He
and C we derive a luminosity log L/Lsun~4.7 (+/-0.2) for the WR star. The
mass-luminosity relation of hydrogen-free WR stars implies a mass of M(WR)~5
(+/-1.5) Msun. From our data we favor an age of ~10 Myr for the bulk of the
Vela OB2 stars. Evolutionary scenarios for zeta Pup and gamma^2 Vel are
discussed in the light of our results.
