Exxon Dismisses Buyout Bid

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Exxon Dismisses Buyout Bid

NEW YORK -- Exxon Mobil dismissed a bid by a little-known Chinese company called King Win Laurel Ltd. to acquire it for $450 billion in cash, according to a Reuters report.

King Win filed papers Monday with the U.S. Securities and Exchange Commission offering to buy Exxon for $35 plus 283.5 yuan per share. The company said the offer was subject to financing, according to the report.

"We are not aware of any communication from King Win Laurel Limited that has been delivered to the corporation. We do not believe that King Win Laurel Ltd. is financially capable of making such a tender offer," Exxon spokesman Dave Gardner said in a statement to Reuters.

King Win said in the report it was incorporated in New Zealand on Oct. 21 for the sole purpose of buying Exxon.

"It's difficult to measure this offer as little is known about how the bidder would finance the transaction," BOSC Inc. debt analyst Jon Cartwright told Reuters. "While our initial feeling is to ignore the offer, it is academically possible that the bidder could receive funding, making this offer real."

Last year, an entity called King Win Laurel International Ltd. launched an unsolicited offer to acquire Telstra, which was also dismissed as a hoax. King Win Laurel International also launched a bid in 2004 for Restaurant Brands, which was dismissed by New Zealand regulators, reported Reuters.

"We understand that King Win Laurel Limited has previously made offers on other companies that did not go forward," Exxon said in the Reuters report.