(Reuters) - Chinese conglomerate HNA Holding Group Co (0521.HK) on Thursday launched a bid to buy Singaporean logistics firm CWT Ltd CWTD.SI for $1 billion, after getting a green light from its shareholders.
HNA unit HNA Belt and Road Investments (Singapore) Pte Ltd offered S$2.33 per CWT share, valuing the deal at S$1.399 billion ($1.04 billion).
The offer represents a 2.19 percent premium over CWT’s last traded price of S$2.28 on Wednesday.
CWT, incorporated in 1970 as a private arm of the Port of Singapore Authority, has interests that include logistics services, commodity marketing, financial services and engineering services.
HMA, with businesses spanning aviation to financial services, first announced its intent to buy CWT in April, but was waiting for the go-ahead from its shareholders.
That approval came in a general meeting on Thursday, HNA said.
HNA had said the acquisition would help it become a leading logistics player and diversify its property investment portfolio.
HNA, one of China’s most acquisitive conglomerates, has been snapping up assets overseas, with the latest being the purchase of a 16.2 percent stake in Swiss airport retailer Dufry AG (DUFN.S).
Reporting By Anusha Ravindranath in Bengaluru; Editing by Savio D'Souza