The planned acquisition of ZIM Integrated Shipping Services by Hapag-Lloyd is moving forward but still faces regulatory scrutiny, according to Calcalist. The German carrier agreed to buy all publicly traded shares of ZIM for $35 per share, valuing the deal at $4.2 billion.
Israeli Operations to Be Separated
As part of the agreement, Israeli private equity firm FIMI Opportunity Funds will acquire ZIM’s Israeli operations. The unit will include 16 vessels and shipping routes to and from Israel.
The structure aims to address regulatory concerns related to the Israeli government’s “golden share” in ZIM. This special share allows the state to veto a sale and nationalize the fleet during emergencies to maintain national supply chains.
Multiple Approvals Required
The transaction must receive approval from 11 Israeli government bodies before it can proceed. Regulatory discussions on behalf of ZIM and Hapag-Lloyd are being led by Avi Licht, a partner at Meitar Law Firm and former deputy attorney general for economic and fiscal affairs.
The formal application for approval has not yet been submitted to the Government Companies Authority (Israel).
Maersk Waiting for Opportunity
Meanwhile, A.P. Moller – Maersk is reportedly preparing a contingency plan to acquire ZIM if the Hapag-Lloyd deal fails. Maersk previously offered $29 per share but lost the acquisition tender.
Industry sources cited by Calcalist say Maersk believes it could complete an acquisition with fewer regulatory complications related to Israel’s golden share. The company has discussed possible partnerships with local investors but has also prepared to act independently.
Shareholder and Political Considerations
Some regulatory concerns also relate to Hapag-Lloyd’s shareholder structure. The company has Saudi and Qatari sovereign wealth funds among its investors, which hold roughly a quarter of its shares.
In contrast, Maersk does not have investors from countries Israel considers hostile. This difference could play a role during the approval process.
With regulatory reviews still pending, the final outcome of the ZIM acquisition remains uncertain. Maersk’s readiness to step in keeps the possibility of an alternative deal open if the current transaction collapses.
