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.
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.
