Adnoc is upping its bid for Covestro: Abu Dhabi National Oil Company (Adnoc) is reportedly planning on submitting a revised offer to take over German polymer materials manufacturer Covestro, after initial informal bids were seen as “too low,” Bloomberg reports, citing people familiar with the transaction. Adnoc will reportedly also throw in sweeteners “to pave the way for the start of detailed due diligence,” Bloomberg’s sources said.

What’s on offer: The state-owned company is reportedly set to offer EUR 60 per share, valuing the company at c.EUR 11.3 bn, as well as USD 8 bn of investments after the transaction closes. Adnoc is also planning on promising job security “for several years” as part of the proposal.

Adnoc’s shares would offer a 13% premium on Covestro’s current share price, which closed at EUR 53 at the end of trading yesterday.

ICYMI: The two companies entered a preliminary “open-ended” discussion on the potential takeover back in September.

About Covestro: The German company, which has some 50 production sites across the world with 18k employees, manufactures polymer materials and their components, which it supplies to sectors including mobility, building and living, electrical and electronics, sports and leisure, cosmetics and health, and the chemical industry.

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