SINGAPORE (Sept 8): CWT, the logistics and warehousing firm, has received a formal offer from a Chinese conglomerate to buy all its shares in a deal valuing the company at US$1 billion ($1.3 billion).

HNA Group is offering $2.33 a share for CWT, the same price as its preliminary offer announced in May. The offer is at a 2.2% premium to its last traded price on Wednesday, CWT said in a filing to the Singapore Exchange on Thursday night.

HNA, one of China's most-aggressive buyers of late, has spent billions of dollars in recent years to buy several financial, infrastructure and property assets. Its purchases include stakes in Deutsche Bank AG (DB) and Hilton Worldwide Holdings Inc. (HLT).

CWT provides commodity logistics, freight logistics and warehousing services. It also has a division that specialises in the trading of non-ferrous ores and precious metals, as well as an engineering and financial-services division. As of the end of last year, CWT managed about 10.3 million sf of warehousing space in Singapore.

As at 10.37, shares in CWT are up 3 cents at $2.31.