Adecoagro (AGRO) said late Monday it has submitted a binding offer to acquire YPF's (YPF) 50% stake in Profertil for about $600 million.

The offer matches the terms previously agreed with Nutrien (NTR) for its 50% stake, where conditions have been met. YPF's board will review the proposal in December, Adecoagro said.

If approved, Adecoagro said it would own 90% of Profertil, while the remaining stake would be held by Asociacion de Cooperativas Argentinas.