The planned acquisition of ZIM Integrated Shipping Services by Hapag-Lloyd is progressing, subject to regulatory review, according to Calcalist. The German carrier agreed to acquire all publicly traded shares of ZIM at US$35 per share, valuing the transaction at US$4.2 billion.
As part of the agreement, Israeli private equity firm FIMI Opportunity Funds will acquire ZIM's Israeli operations. The unit includes 16 vessels and shipping routes connected to Israel. This structure is intended to address regulatory requirements linked to the Israeli government's "golden share," which allows the state to veto a sale and take control of the fleet during emergencies to maintain supply chains.
© Hapag-Lloyd
The transaction requires approval from 11 Israeli government bodies. Regulatory discussions are being led by Avi Licht of Meitar Law Firm. A formal application has not yet been submitted to the Government Companies Authority.
A.P. Moller – Maersk is preparing a contingency plan to acquire ZIM if the current transaction does not proceed. The company previously offered US$29 per share. Industry sources indicate Maersk considers that it could complete an acquisition with fewer regulatory constraints related to the golden share and has explored potential partnerships with local investors.
Regulatory review also considers Hapag-Lloyd's shareholder structure, which includes Saudi and Qatari sovereign wealth funds holding about a quarter of its shares. Maersk does not have investors from countries Israel considers hostile, which may influence the approval process.
The outcome of the acquisition remains subject to regulatory decisions, with alternative scenarios under consideration.
Source: Container News
