Share this story
Close X
Switch to Desktop Site

Occidental withdraws bid rejected by Cities Service

Occidental Petroleum Corporation formally withdrew its offer to acquire Cities Service Company after Cities' directors unanimously rejected Occidental's

The Occidental bid was substantially below the aborted $4.8 billion Gulf deal. Analysts said Cities was trying to nudge Occidental into upping the ante from about $50 to perhaps $55 a share. Gulf's bid -- widely viewed as overpriced -- was for $63 a share.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.