Occidental withdraws bid rejected by Cities Service
New York — 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.