China’s HNA said it would make an offer to acquire Singapore-listed logistics firm CWT Ltd for $1 billion. The Chinese conglomerate said in a filing to the Hong Kong Stock Exchange late on Sunday that its subsidiary HNA Belt and Road Investments (Singapore) Pte. Ltd would offer to purchase 600 million CWT shares at S$2.33 apiece, which values the deal at S$1.399 ($0.9962) billion. Reuters reported in May 2016 citing sources that HNA Group was in talks to acquire CWT for $1 billion. The offer represents a 13.11% premium over CWT’s last traded price of S$2.06 on Wednesday. HNA said in the filing that it intended to keep CWT’s management team. It said the acquisition would help it to leverage an established international platform, become a leading logistics player and diversify its property investment portfolio.