Chinese conglomerate HNA Group is reportedly in talks to buy a controlling stake in Singapore-listed logistics firm CWT, which reports claim could be worth around US$1
Discussions with HNA have reportedly been ongoing for several months and a deal could be announced as early as next week.
CWT did not immediately respond to queries about the potential deal, while a spokesperson at HNA Group declined to comment.
In recent years, the HNA Group, headed by co-founder and chairman Chen Feng, has grown into a group with nearly US$100 billion in assets. It operates more than a dozen airlines including flagship Hainan Airlines Co and has launched at least US$8 billion of overseas M&A's so far this year.
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The Singapore Business Times reported earlier that CWT chairman Loi Kai Meng, director Liao Chung Lik, businessman Lim Soo Seng as well as their families have been exploring a sale of their stake in the logistics and commodities trading company since July. They currently own nearly 65 per cent of the company, according to Thomson Reuters data.
HNA Group has been on an acquisition spree. In 2015, it acquired Zurich-based ground handler Swissport. Last month, it said it would buy Swiss airline catering firm Gategroup Holding for US$1.4 billion and also agreed to purchase Carlson Hotels, thereby getting the ownership of the Radisson, Park Plaza and Country Inns & Suites hotel brands.
HNA Group, which was established in 1993, is actively involved in sectors such as aviation, tourism and finance. Its logistics business, HNA Logistics Group, provides logistics services to shipping and marine engineering construction, bulk commodity trading and logistics finance.
Nol van Fenema