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. Last Updated: 07/27/2016

Petkim Winner Will Take New Partners

ISTANBUL, Turkey --Transcentral Asia -- a Kazakh-based consortium that includes Troika Dialog and beat other bidders to buy Turkish petrochemicals firm Petkim -- said Friday that it would take on new Turkish and Kazakh partners, a move likely to reduce the stake held by Troika Dialog.

The consortium said it would set up a special purpose vehicle for the purchase and would sell up to 49 percent of the vehicle to Turkish and Kazakh investors.

That would cut the stake of Troika Dialog, a financial investor in the consortium, and put the majority stake in the special purpose vehicle in the hands of Turk and Kazakh investors, it said.

Troika's partners in the consortium are two Kazakh strategic investors, Investment Production Group Eurasia and Caspi Neft. The consortium bid $2.05 billion for the Turkish state's 51 percent stake in Petkim, valuing the company at almost triple its previous market price.