FRANKFURTDUBAI, Dec 21 Reuters Covestro is in openended talks with Abu Dhabi National Oil Co ADNOC, a spokesperson for the German plastics and chemicals maker said on Thursday, following a report that the oil giant is preparing to up its takeover bid for the company.

The statement comes after ADNOC submitted a preliminary offer of around 60 euros per share for Covestro AG, which would boost it nonbinding bid to about 11.3 billion euros 12.4 billion, according to people with knowledge of the situation.

We are in openended discussions with ADNOC. Openended refers to both the content and the timeframe, the spokesperson said.

The nonbinding offer includes job guarantees and 8 billion euros of investments, said one of the people, who spoke on the condition of anonymity.

Covestro shares on Thursday climbed to a yearhigh of 54.70 euros, still trading below the offer price, indicating the market is skeptical as to whether a deal will complete.

The market is now waiting for an official confirmation of the offer, a trader said.

Bloomberg first reported news of ADNOC39;s 60 euros per share preliminary bid on Monday.

In August, ADNOC had signaled to the chemicals firm that it could raise its informal offer to 60 euros if it agreed to enter formal talks.

ADNOC made an informal offer of 57 euros per share in July.

Covestro confirmed in September that it had entered into openended discussions with the suitor over a takeover approach.

Some shareholders have been pushing…