-
Shipping giant Hapag-Lloyd has expressed interest in buying Israeli firm ZIM Integrated Shipping Services Ltd., the Israeli business paper Globes reported
-
Neither company has given confirmation or commented on the supposed bid
-
Globes also reported that MSC and Maersk, the top two biggest shipping firms, are also keen to buy ZIM
-
The workers committee of ZIM are strongly opposing Hapag-Lloyd, a German company whose shareholders include Qatar Holding LLC and Saudi Arabia’s sovereign wealth fund PIF
Shipping giant Hapag-Lloyd has expressed interest in buying Israeli firm ZIM Integrated Shipping Services Ltd., the Israeli business paper Globes reported.
Neither company has given confirmation or commented on the supposed bid, which Globes said is “in the initial stages and have yet to begin between the two sides.”
The financial daily also said that it has learned that the two biggest international shipping companies – MSC and Maersk – are also keen to buy ZIM.
Hapag-Lloyd is ranked fifth among shipping firms globally while ZIM is ninth.
ZIM, founded in Israel in 1945, is traded in the New York Stock Exchange. It is a global container liner shipping company with established operations in more than 90 countries.
The purchase proposals come after Eli Glickman, ZIM’s CEO since 2017, submitted an offer to buy the company together with shipping magnate Rami Ungar. The ZIM board has decided to first look into other potential deals after Kenon Holdings, the former majority stakeholder, sold its stake.
The workers committee of ZIM have expressed strong opposition against Hapag-Lloyd, a German company whose shareholders include Qatar Holding LLC, an arm of the Qatar Investment Authority, and Saudi Arabia’s sovereign wealth fund PIF.
“An acquisition of ZIM by Hapag-Lloyd, which is controlled by Qatar and Saudi Arabia, represents a direct danger to the security of the country,” ZIM workers committee chairperson Oren Ksafim told Globes.
Hapag-Lloyd, the German shipping company traded in Frankfurt with a market value of 20 billion euros, is interested in acquiring ZIM. However, ZIM’s workers’ committee opposes the move, citing security concerns. They argue that the German company’s shareholders include funds from Saudi Arabia and Qatar, which they claim could pose a risk to Israel.
The Saudi and Qatari shareholders together hold about 35% of Hapag-Lloyd’s shares.
READ: MICT welcomes first call of Hapag-Lloyd feeder service
