Chinese conglomerate HNA Group is reportedly swooping down on Singapore-listed logistics firm CWT Ltd.
Reuters has reported that the Chinese company is in talks to buy a controlling stake in CWT in a deal worth around $1 billion (S$1.36 billion).
Sources familiar with the deal told the agency the deal could be announced as early as next week.
CWT shares rose 7 percent on Friday after the deal talk surfaced, triggering a query from the Singapore Exchange (SGX) regarding unusual price and volume movement.
The Business Times reported earlier that CWT chairman Loi Kai Meng, director Liao Chung Lik, businessman Lim Soo Seng as well as their families have been exploring a sale of their stake in the logistics and commodities trading company since July.
They own nearly 65 per cent of the company, according to Thomson Reuters data.
Both CWT and the HNA group did not respond to request for details of the purported deal, Reuters said.
The Chinese group, which has been on an acquisition spree over, bought US-based Carlson Hotels last year, thereby getting the ownership of the Radisson, Park Plaza and Country Inns & Suites hotel brands.