UPDATE 2-ADNOC preparing to increase takeover offer for Covestro - Bloomberg News
(Adds Covestro declining to comment in paragraph 4)
Dec 18 (Reuters) - The Abu Dhabi National Oil Co (ADNOC) is preparing to submit a fresh proposal of about 60 euros ($65.53) per share for Covestro AG, which could value the German plastics and chemicals maker at around 11.3 billion euros, Bloomberg News reported on Monday citing people familiar with the matter.
The state oil giant aims to submit the bid in the coming days and also plans to pledge job guarantees for several years as well as about $8 billion of investments after closing the deal, the report said.
ADNOC's deliberations are ongoing and it could opt to wait until 2024 to send its revised bid, the report added.
Covestro declined to comment, while ADNOC did not immediately respond to a Reuters request for comment.
Reuters had reported in August that ADNOC had verbally signaled to Covestro it could raise its informal offer to 60 euros per share if the German company agrees to enter formal talks.
A combination with Covestro would give energy giant ADNOC, also a maker of refined products and petrochemicals, access to more advanced materials that go into electric vehicles, thermal insulation for buildings as well as coatings, adhesives and engineering plastics. ($1 = 0.9157 euros) (Reporting by Devika Nair in Bengaluru; Editing by Krishna Chandra Eluri)
