Occidental Petroleum announced that it will offer...

Occidental Petroleum announced that it will offer 45 million shares of common stock for sale in June and use the proceeds to reduce debt and for “general corporate purposes” . . . A federal bankruptcy court in New York has granted LTV Corp. a 90-day extension of the period in which the company has the exclusive right to file a plan of reorganization for the firm and its 65 subsidiaries included in the company’s Chapter 11 filing . . . Cannon Group said it paid $11.8 million on overdue interest to bondholders within a 30-day remedy period . . . National Sanitary Supply Co., Los Angeles, has acquired the Packer-Scott Co. of Portland, Ore., a distributor of sanitary maintenance supplies with annual sales of more than $7 million. The price was not disclosed . . . The Federal Reserve reported that the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate mortgages, rose to 7.33% last week, up from 7.23% the week before.