Occidental withdraws bid rejected by Cities Service

By Compiled From Wire Service Dispatches With Analysis From Monitor Correspondents Around The World; Edited By Anne Shutt

August 18, 1982

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.