Chinese company wants to buy XOM - All of it if my understanding is correct.
[I got that info from Minyanville and aparently it is some kind of stunt (not real, although the SEC filing seems to be) It seems the same company has done this before - Mish]
This is from a SEC filing:
KING WIN LAUREL LIMITED TO LAUNCH CASH TENDER OFFER
FOR EXXON MOBIL CORPORATION FOR A COMBINATION
OF US $35.00 AND CHINESE RMB YUAN 283.50
PER SHARE OF COMMON STOCK
Beijing, China, October 31, 2005. Today, KING WIN LAUREL LIMITED
announced that it will commence a cash tender offer to purchase all of
the outstanding shares of Exxon Mobil Corporation (NYSE: XOM)
at a combination of US $35.00 and Chinese RMB Yuan 283.5
for each share of common stock, without par value, or
approximately US $450 billion.
The offering prices of the proposed transaction will be as follows:
(1) We value US $70.00 for each share of common stock, without par value;
(2) For each share of common stock, we will pay a combination of
US $35.00 and Chinese RMB Yuan 283.50 in cash.
In addition, if the merger of Exxon Mobil Corporation
with us is completed, each share of common stock of Exxon Mobil
Corporation, either tendered by the offer or not, will be
automatically entitled to enjoy a right to receive extra consideration
in cash that will be subject to the following condition:
If during a year after merger, the annual average sale
price of crude oil on market over the world of
is over US $80 per barrel, the right to receive extra consideration
for the year will be effective and be executed.
The extra consideration for the year, net to seller in cash,
will be between US $0.01 and $0.50
and will be dependent on both
the annual average sale price of crude oil on market
over the world and the total sale volume of crude
oil by us during the year.
(3) For the outstanding options of Exxon Mobil Corporation, the
consideration paid to seller will be computed upon the bases
of their original contractual exercisable prices awarded.
The options will have no rights to
receive the extra consideration in any case.
Given the Exxon Mobil's leading position in energy field and
based on the last quoted price of $56.31,
we believe our offer presents the compelling
value to Exxon Mobil's shareholders. This proposed acquisition of
Exxon Mobil Corporation is just the beginning to develop business
in energy industry for King Win Laurel Limited.
In connection with announcing the tender offer, Mr. Zhang has submitted
a letter to the Exxon Mobil's Board of Directors in which
he expressed a desire to discuss the proposed offer with the Board.
The proposed tender offer will be subject to the conditions of
obtaining the governmental or regulatory approvals under
the applicable laws of Exon-Florio provision and
Hart-Scott-Rodino Act and a majority of Exxon Mobil's shares on a
fully diluted basis being tendered and not withdrawn.
The offer will be subject to financing.
King Win Laurel Limited expects to commence the tender offer on
the next business day after the date on which it obtains the approval,
subject to the Exon-Florio provision, on its proposed offer
from the Committee on Foreign Investment in
the United States ("CFIUS").
Pursuant to the requirements of the Exon-Florio provision,
King Win Laurel Limited plans to file a Notification (and
other information materials, if required) with respect to
the proposed offer with the CFIUS as promptly
as possible after the date hereof.
King Win Laurel Limited was incorporated in New Zealand on
October 21, 2005 and was designed to commerce the offer
to merger with Exxon Mobil Corporation.
To date, we have engaged in no activities
other than those incident to our formation and the
commencement of the Offer. For more information about King Win
Laurel Limited, please call at (0086-10) 6052-2570.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY
AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF
AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE
OFFER TO BUY EXXON MOBIL'S COMMON STOCKS AND OPTIONS
WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE
AND RELATED MATERIALS THAT KING WIN LAUREL LIMITED
INTENDS TO FILE WITH SEC ON THE NEXT BUSINESS DAY
AFTER THE DATE ON WHICH IT OBTAINS THE APPROVAL,
SUBJECT TO THE EXON-FLORIO PROVISION, ON ITS PROPOSED
OFFER FROM THE COMMITTEE ON FOREIGN INVESTMENT IN
THE UNITED STATES ("CFIUS"). PURSUANT TO THE REQUIREMENTS
OF THE EXON-FLORIO PROVISION, KING WIN LAUREL
LIMITED PLANS TO FILE A NOTIFICATION (AND OTHER
INFORMATION MATERIALS, IF REQUIRED) WITH RESPECT
TO THE PROPOSED OFFER WITH THE CFIUS AS PROMPTLY
AS POSSIBLE AFTER THE DATE HEREOF. STOCKHOLDERS
SHOULD READ THESE MATERIALS CAREFULLY BECAUSE
THEY CONTAIN IMPORTANT INFORMATION, INCLUDING
THE TERMS AND CONDITIONS OF THE OFFER.
STOCKHOLDERS WILL BE ABLE TO OBTAIN THE OFFER TO
PURCHASE AND RELATED MATERIALS WITH RESPECT TO
THE TENDER OFFER FREE AT THE SEC WEBSITE AT
WWW.SEC.GOV. |
