Model atmosphere fits to high-resolution optical spectra of
Wray 977 confirm the B hypergiant classification of the massive companion to the X-ray pulsar
GX301-2. The models give a radius of 62R
☉, an effective temperature of 18100K and a luminosity of 5x10
5L
☉. These values are somewhat reduced compared to the stellar parameters of
Wray 977 measured previously. The deduced mass-loss rate and terminal velocity of the stellar wind are 10
–5M
☉/yr and 305km/s, respectively. The interstellar NaI D absorption indicates that
Wray 977 is located behind the first intersection with the Sagittarius-Carina spiral arm (1-2.5kpc) and probably belongs to the stellar population of the Norma spiral arm at a distance of 3-4kpc. The luminosity derived from the model atmosphere is consistent with this distance (3kpc). The luminosity of the wind-fed X-ray pulsar (L
X∼10
37erg/s) is in good accordance with the Bondi-Hoyle mass accretion rate. The spectra obtained with UVES on the Very Large Telescope (VLT) cover a full orbit of the system, including periastron passage, from which we derive the radial-velocity curve of the B hypergiant. The measured radial-velocity amplitude is 10±3km/s yielding a mass ratio q=M
X/M
opt=0.046±0.014. The absence of an X-ray eclipse results in a lower limit to the mass of
Wray 977 of 39M
☉. An upper limit of 68 or 53M
☉ is derived for the mass of
Wray 977 adopting a maximum neutron star mass of 3.2 or 2.5M
☉, respectively. The corresponding lower limit to the system inclination is i>44°, supporting the view that the dip in the X-ray lightcurve is due to absorption by the dense stellar wind of
Wray 977 (Leahy,
2002A&A...391..219L). The ``spectroscopic'' mass of
Wray 977 is 43±10M
☉, consistent with the range in mass derived from the binarity constraints. The mass of the neutron star is 1.85±0.6M
☉. Time series of spectral lines formed in the dense stellar wind (e.g. HeI 5876Å and H α) indicate the presence of a gas stream trailing the neutron star in its orbit. The long-term behaviour of the H α equivalent width exhibits strong variations in wind strength; the sampling of the data is insufficient to conclude whether a relation exists between wind mass-loss rate and pulsar spin period.