HNA Group may buy controlling stake in Singapore logistics firm

China's HNA Group Co, the country's fourth-largest airline, is in exclusive talks with CWT Ltd, a listed Singaporean logistics firm, to buy a controlling stake worth around $1 billion.

CWT said on Monday that its controlling shareholders, the founders of the group, who own more than 30 percent of the equity, are discussing with the Chinese conglomerate on selling the company's equity. There is no certainty that the negotiations will result in a definitive transaction, according to the company's announcement.

The negotiations between HNA and CWT shareholders have been ongoing for several months, and are now close to a conclusion.