Gamma RE, the joint venture between Pirelli RE and Morgan Stanley, has reached a deal with Goldman Sachs' Whitehall funds to end a bidding war between the companies to take control of two Italian listed office funds, according to sources close to the situation. Under the unofficial agreement, Gamma will not hike its offer for the Berenice fund, giving full scope to the opposing bid made by Zwinger, the special purpose vehicle used by Goldman Sachs and Caltagirone's UGI to launch the offer. In exchange, Pirelli RE will go forward with its offer for the other fund, Tecla.
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