The international shipping company Hapag-Lloyd has reportedly made an offer to acquire ZIM . Among the German company’s shareholders are Qatar Holdings, the Qatar Investment Authority’s holding company, and the Saudi sovereign wealth fund. The ZIM workers’ committee strongly opposes the deal and is calling on the government to block the transfer.
According to the Israeli news outlet Globes , the proposal is in a preliminary stage and formal negotiations between the parties have not yet begun. Furthermore, other offers have reportedly been submitted in recent days.
ZIM’s board of directors stated that, “as recently updated by the ZIM board, a strategic review of potential alternatives to maximize shareholder value, including the sale of the company, is underway. The process is progressing, and several groups have expressed interest. The board will not comment on the identity of the groups or the content of the proposals until an agreement is reached or the review process is otherwise concluded.”
Hapag-Lloyd controls 7.4% of the global container ship market , placing it fifth worldwide. In comparison, ZIM ranks ninth with 2.5%. Globes has also learned that the world’s two largest shipping companies are showing interest in the Israeli firm; namely, MSC, with 20.2% of the market, and Maersk, with 14.3%, are evaluating the move .
Major shipping companies are interested in acquiring the company after CEO Eli Glickman , who has been CEO since 2017, submitted an offer alongside shipping magnate Rami Ungar , although ZIM’s board decided to also consider other alternatives.
The possibility of a controlling sale arose after the departure of the previous majority shareholder, Idan Ofer , who sold his shares in ZIM through the company Kenon.
The company’s workers’ committee strongly opposes the operation, which represents a significant step by the German company. Hapag-Lloyd’s shareholders include Qatar Holdings (12.3%), the Qatar Investment Authority (QIA) arm, and the Saudi sovereign wealth fund (PIF) (10.2%), with the Chilean company CSAV being the largest shareholder, holding approximately 30% of the shares.
ZIM, the world’s ninth largest shipping company, has a fleet of 130 container ships with a capacity to move just over 700,000 TEUs (20-foot equivalent units), and also operates 15 car carriers or Ro-Ro vessels. 95% of the container ships in this line, founded in 1945, are chartered vessels.
For its part, Hapag-Lloyd has a fleet of 305 ships that allow it to transport 2.5 million TEUs annually.
If the German company were to absorb the Israeli one, it could reach fourth place worldwide and have a market share of 9.6 percent.
With information from Portal Portuario , a media outlet specializing in ports and maritime transport in Chile.
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