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BP (NYSE:BP) and Abu Dhabi National Oil Co. have been advised to raise their joint $2B offer to acquire a 50% stake in Israeli gas producer NewMed by 10%-12% – or roughly up to $250M – by a panel reviewing the offer, Reuters reported Monday.
The development has cast doubts over the BP-Adnoc deal, according to the report, with the said to be frustrated at how the process has been handled.
The recommendation is due to the rally in oil and natural gas prices as well as the depreciation of the Israeli currency in recent months, the report said.
The independent panel of three members was set up by NewMed after the proposed deal was announced in March to examine the terms of the $2B offer and seek competing bids.
