HNA Group offers $1b for MPA Singapore warehousing arm

The Chinese giant is looking to expand via the Belt and Road Initiative by offering to buy warehousing and logistics firm CWT Ltd, according to multiple news sources.

   Chinese conglomerate HNA Group has offered $1 billion for Singapore logistics and warehousing firm CWT Ltd., according to multiple news sources. 
   HNA is offering 2.33 Singapore dollars a share for CWT, the same price as its preliminary offer announced in May.
   According to MarketWatch, HNA’s offer is the latest in a series of acquisitions and expansion efforts, including its purchase of stakes in Deutsche Bank AG and Hilton Worldwide Holdings Inc. HNA expects the acquisition of CWT to benefit the Singapore company from China’s “Belt and Road Initiative,” the company said.
   CWT operates as the private arm of the Maritime and Port Authority (MPA) of Singapore and, in addition to logistics and warehousing, has a division that specializes in the trading of nonferrous ores and precious metals.
   As of the end of last year, CWT Group managed about 10.3 million square feet of owned and leased warehousing space in Singapore, according to MarketWatch.