HNA to hold long-awaited shareholder vote on proposed CWT takeover offer on Sept 7

Chinese conglomerate HNA Group has set a long-awaited date for CWT shareholders to vote on its S$1.4 billion takeover offer for the Singapore logistics operator.
Chinese conglomerate HNA Group has set a long-awaited date for CWT shareholders to vote on its S$1.4 billion takeover offer for the Singapore logistics operator. PHOTO: LIANHE WANBAO

SINGAPORE - Chinese conglomerate HNA Group has set a long-awaited date for shareholders to vote on its S$1.4 billion takeover offer for the Singapore logistics operator.

Its Hong Kong-listed unit, HNA Holding Group Co, announced on Sunday (Aug 20) that it has scheduled a general meeting for Sept 7 in Hong Kong to vote on the offer it launched in April this year.

A notice of the general meeting and the proxy form are expected to be despatched to shareholders on or around Aug 21.

CWT shares closed on Friday at an 8.6 per cent discount to the HNA offer of S$2.33 a share, a sign some investors see risks that the takeover won't be completed as the Chinese government steps up scrutiny of the country's most prolific overseas acquirers, according to a Bloomberg report on Friday.

HNA Group has announced more than US$40 billion of purchases since the beginning of 2016, according to data compiled by Bloomberg.