Chinese Company Bids $450bn for Exxon

Status: Hoax
I find this very strange. A Chinese company, King Win Laurel, has filed paperwork with the SEC indicating that it's planning to make a bid to buy oil giant Exxon for $450bn. But analysts are dismissing the bid as a prank, since King Win Laurel doesn't have the kind of money necessary to make good on such an offer. Apparently King Win Laurel has a history of making hoax bids. Last year, for instance, it made a fake bid to buy Telstra. It also tried to buy a New Zealand firm called Restaurant Brands, but that offer was rejected by local regulators. So what we have here is a Chinese firm that simply likes making fake offers to buy companies. I have no idea what it's possible motivation could be.

Business/Finance

Posted on Tue Nov 01, 2005


Comments

I was just reading that the company who is doing this is working out of a $150 a month apartment rental. Now I know cost of living is lower, so the $150 doesn't matter, but an apartment? I agree with Alex - hoax.
Posted by Winona  on  Tue Nov 01, 2005  at  11:59 PM
I heard about that somewhere.....
Posted by X  on  Wed Nov 02, 2005  at  08:48 AM
A while back I offered to buy Exxon/Mobil for $4.50, but they turned down my bid. :long:

I guess I'll have to go see what Enron's going for these days.
Posted by Big Gary in Dallas  on  Wed Nov 02, 2005  at  04:36 PM
they might be buying into the companies before hand and selling off on the spike associated with the takeover bid announcement
Posted by ME  on  Sat Nov 05, 2005  at  10:46 PM
the man is a genius as fa as publicity is concerned. for $200 or so in filing fees he has publicity, albiet negative publicity, and thousands upon thousands of people have now heard of 'king win laurel'....
Posted by izzy  on  Sun Dec 11, 2005  at  09:18 PM
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