ISTANBUL (Dow Jones)--Turkey's chemical fertilizer and phosphoric acid manufacturer Gubre Fabrikalari T.A.S (GUBRF.IS) said Monday that a consortium it leads has secured approval to buy Iran's Razi Petrochemical, Ihlas News Agency, or IHA, reported.
In a statement to the Istanbul stock exchange, Gubre Fabrikalari said 20% of purchase price will be paid in cash, and the rest will be paid over five years in an installment plan.
Gubre had said last week the consortium in which it has a 50% share had made the highest offer of 6.350 trillion Iran Rials ($679.1 million) in the privatization tender.