ZIM sale to Hapag-Lloyd faces review as Maersk waits

The planned acquisition of ZIM Integrated Shipping Servicesby Hapag-Lloydis 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.

Hapag-Lloyd and ZIM reach definitive merger agreement

Israeli Operations to Be Separated

As part of the agreement, Israeli private equity firm FIMI Opportunity Fundswill acquire ZIM’s Israeli operations. The unit will include 16 vesselsand 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 bodiesbefore it can proceed. Regulatory discussions on behalf of ZIM and Hapag-Lloyd are being led by Avi Licht, a partner at Meitar Law Firmand 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 – Maerskis reportedly preparing a contingency plan to acquire ZIM if the Hapag-Lloyd deal fails. Maersk previously offered $29 per sharebut lost the acquisition tender.

Industry sources cited by Calcalist say Maersk believes it could complete an acquisition with fewer regulatory complicationsrelated 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 fundsamong 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.