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Mystery Chinese outfit eyes Exxon

Discussion in '2005 Archive' started by Ben W, Nov 6, 2005.

  1. Ben W

    Ben W Active Member
    Site Supporter

    Sep 16, 2002
    Likes Received:
    Exxon Mobil is the world's largest listed oil company

    US oil giant Exxon Mobil has dismissed a proposed bid to buy it from a little known Chinese firm for $450bn (£254bn).

    Last week Exxon posted a quarterly profit of $9.9bn (£5.55bn), the largest in US corporate history, on the back of record oil and gas prices.

    King Win Laurel has filed papers with the Securities and Exchange Commission offering to buy the firm in a dollars and yuan deal worth $70 a share.

    Exxon said it did not believe King was "financially capable" of such an offer.

    A Reuters reporter visited King Win Laurel's registered address in China, and found it to be a 14th-floor flat in a tower block on the outskirts of Beijing - apparently inhabited by a man in his mid-20s.

    SEC documents included both the Beijing contact address and one in Auckland, New Zealand.