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Abu Dhabi's state oil company, Abu Dhabi National Oil Co (ADNOC), has raised its bid to acquire Covestro AG to approximately 11 billion euros ($12.34 billion) in an effort to initiate negotiations

with the German chemical producer, according to Bloomberg News.

The new offer from ADNOC values Covestro at around 57 euros per share, an increase from its initial informal bid of approximately 55 euros per share. In June, it was reported by Reuters that Covestro had turned down ADNOC's initial takeover proposal, deeming it insufficiently substantial. Photo by Tetraeder, Wikimedia commons.