BP, Adnoc Urged to Raise $2 Billion Bid For NewMed Stake.

(Bloomberg) -- An independent committee evaluating BP Plc and Abu Dhabi National Oil Co.'s roughly $2 billion offer for 50% of NewMed Energy has requested the oil and gas giants substantially increase their bid, people with knowledge of the matter said. Shares in NewMed have risen about 60% in Tel Aviv since BP and Adnoc's March proposal, giving the company a market value of 13.5 billion shekels ($3.5 billion). [Extracted from the article]