U.K. construction and engineering company, Costain Group, has raised its bid for Mouchel Group, The Wall Street Journal reports. Costain has offered £172 million for the consultancy and design services provider.

Mouchel shareholders will receive 0.5531 new Costain shares for every Mouchel share they hold and 30 pence in cash. Costain had earlier in January 2011 offered about £148 million in cash to Mouchel, which was rejected.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.