HNA Group makes conditional general offer for CWT

HNA is offering S$2.33 in cash for each CWT share, in a deal that values one of Singapore's largest logistics groups at about S$1.4 billion.
HNA is offering S$2.33 in cash for each CWT share, in a deal that values one of Singapore's largest logistics groups at about S$1.4 billion.PHOTO: AFP

SINGAPORE - Chinese conglomerate HNA Group on Thursday (Sept 7) made a conditional general offer for Singapore-listed logistics provider CWT, after tabling a pre-conditional offer in April.

The formal offer follows the satisfaction of certain pre-conditions earlier agreed upon, including the approval of HNA Holding Group's shareholders and the receipt of certain anti-trust approvals from China.

HNA is offering S$2.33 in cash for each CWT share, in a deal that values one of Singapore's largest logistics groups at about S$1.4 billion.

CWT's independent directors have appointed Ernst & Young Corporate Finance as the independent financial adviser to advise them on the offer.