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.