Medco May Up Takeover Bid for Novus

Medco Energi International may raise it takeover bid for Australia's Novus Petroleum Ltd. to beat rival offers for the mid-sized oil and gas company. "We may raise our bid if there is a party that offers a higher bid than Medco's," Medco Finance Director Sugiharto told reporters.

He said Medco may also decide to withdraw its bid if other parties offer a price that "Medco couldn't financially afford".

He said that with its current bid, Medco is still optimistic it can complete the takeover by end-February.

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