CWT acquisition fuels HNA’s logistics ambitions

The Chinese conglomerate has agreed to pay $981 million for the Singapore logistics company, putting it in stronger position to benefit from China’s One Belt, One Road initiative.

HNA Group is looking to add another missing piece of the puzzle to fulfil its ambition to become a global logistics powerhouse after it agreed to acquire CWT, the Singapore-listed integrated logistics and supply chain management company, for S$1.4 billion $981 million.

The acquisitive Chinese conglomerate rounded off a prolonged discussion process on Sunday by making a S$2.33-a share offer through its Hong Kong-listed subsidiary HNA Holding Group, ending talk that the deal might be scrapped due to Beijing’s stepped-up efforts to rein in capital outflows.

The offer represented a 12.5% premium over Thursday's closing share price and prompted a 9.2% jump to S$2.26 on...

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