CWT says major shareholder still in talks with various parties on "strategic review"

LOGISTICS firm CWT Ltd on Friday said its controlling shareholder has been approached by various parties relating to a strategic review of the business and assets. The shareholder, C & P Holdings, informed the CWT board that "the strategic review is still in progress".

This followed media reports that Chinese conglomerate HNA Group is in late talks to snap up CWT Ltd. The deal, according to The Wall Street Journal, could value CWT at about US$1 billion. In August, CWT said C&P Holdings was mulling a strategic review of the business and assets.

"C & P has been approached by various interested parties with different proposals for its business and assets. While C & P has engaged in preliminary discussions with these interested parties, it is still in the process of reviewing the proposals."