Occidental makes bid to buy Cities Service

Cities Service Company, which has been seeking a merger partner since being snubbed by Gulf Oil Corporation last week, received a $4.5 billion takeover offer from Occidental Petroleum Corporation.

A merger of the two concerns would create the nation's eighth biggest petroleum company, with annual revenues of more than $23 billion. Occidental currently ranks 11th and Cities Service 16th. Oil industry analysts said Occidental's offer may be the best available to Cities Service, even though it is well below Gulf's original $4.8 billion bid. Cities Service said its board of directors would consider Occidental's offer at a meeting on Monday, but will continue talks with other potential purchasers.

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...