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. Last Updated: 07/27/2016

$2Bln Offer Made for Turkey's Petkim

ISTANBUL -- TransCentralAsia Petrochemical Holding, a group of Russian and Central Asian companies, won a bid Thursday for Turkey's state-owned petrochemicals maker Petkim Petrokimya Holding with a $2.05 billion offer, in the country's biggest industrial asset sale since 2005.

The group outbid rivals including Indian Oil Corp. and Azeri state oil company Socar for a 51 percent stake in Petkim, said Osman Ilter, deputy head of Turkey's asset sales agency and Petkim's chairman. The price was almost triple the stake's market value.

"The price actually reflects Petkim's true asset value," said Haydar Acun, an analyst at Sardis Securities in Istanbul who has a "strong buy" rating on Petkim shares. The stock could soar as high as 30 percent once the buyer's investment intentions are known, Acun said.

Petkim is the biggest state-run industry to be sold by Turkey since 2005, as the government seeks to reduce its role in the economy in accordance with a $10 billion International Monetary Fund loan agreement.