HNA makes $1bn offer to acquire CWT
Chinese conglomerate HNA Holdings has offered to buy Singapore-listed logistics and commodity firm, CWT Group, for SGD1.4bn ($1bn). Shares in CWT rose 10% to a one-year high. Jasper Lo Cho-yan, chief strategist at King International Financial Holdings, said the acquisition was made with US president Donald Trump's infrastructure plans in mind, as well as China's "One Belt, One Road" initiative.
The offer illustrates Chinese companies believe industrial commodity prices will trend higher, analysts say