Hapag-Lloyd has made an initial offer to acquire Zim Integrated Shipping Services, according to a report by Globes. The Israeli outlet says the bid is still at an early stage and that negotiations between the parties have not yet begun. ZIM declined to comment.
Globes also reports that other major carriers, including MSC and Maersk, have expressed interest in recent days. Based on Alphaliner figures cited by the publication, Hapag-Lloyd holds around 7.4% of global container capacity, MSC 20.2%, Maersk 14.3%, while ZIM ranks ninth with a 2.5% share. ZIM currently has a market capitalisation of roughly $2.4 billion.
The renewed interest follows ZIM CEO Eli Glickman’s proposal to acquire the company alongside shipping magnate Rami Ungar and the board’s subsequent decision to review alternative options. The situation comes after Kenon Holdings, formerly the main shareholder, sold its remaining stake.
ZIM’s workers committee has publicly opposed any sale to Hapag-Lloyd. Speaking to Globes, committee chair Oren Ksafim argued that a takeover by a company whose major shareholders include Qatar’s sovereign wealth entities and Saudi Arabia’s Public Investment Fund would pose a national security risk. Ksafim urged the Israeli government to use its “golden share” to block the deal.
Meanwhile, The Wall Street Journal notes that ZIM’s share price, which closed at $19.87 on Wednesday, is considered high relative to analysts’ average price target of around $14.30. Of seven analysts covering the stock, one currently rates it a Buy, three Hold, and three Sell.
