P.M. BRIEFING : Truce Reached on Gateway Corp.

Isosceles PLC, which last month beat rival bidder Newgateway PLC for majority control of British supermarket operator Gateway Corp. PLC, said today it has reached a truce with its rival, which still has a 40% holding in Gateway.

Under the truce, Newgateway, which comprises U.S. financiers Wasserstein Perella and Co. and the Great Atlantic and Pacific Tea Co., will exchange its holding for a proportionate stake in Isoceles. It will have representation on Gateway’s board of directors and will support Isosceles in implementing “its commercial strategy.”