"Germany's HapagLloyd, the world's fifth-largest container shipping line, has signed a deal to acquire its Israeli rival Zim Integrated Shipping Services for $4.2 billion (3.5 billion). The merger agreement was signed on Monday, following advanced talks. It was unanimously approved by Zim's Board of Directors but needs the formal sign-off from Israel's government, which holds special rights embedded in Zim's founding charter."
"The combined entity would operate a fleet of over 400 vessels with a capacity exceeding 3 million TEU (twenty-foot equivalent units) and an annual transport volume of more than 18 million TEU. Zim is headquartered in Haifa, home to Israel's main port, and has been listed on the New York Stock Exchange since 2021. As the world's 10th largest shipping firm, Zim operates a global network of container routes with its fleet."
"Israel sees Zim as a strategic asset. Beyond being a commercial shipping line, it has long played a role in emergency logistics and national security planning. According to the Israel-based Who Profits research center, Zim also plays a key role in transporting US military aid shipments to Israel under a longstanding agreement. This makes the Israeli state reluctant to lose control over it, especially as it faces multiple vulnerabilities, including the Gaza conflict, ongoing tensions with Iran and wider regional instability."
Hapag-Lloyd has signed a $4.2 billion deal to acquire Zim Integrated Shipping Services, pending formal approval from the Israeli government under Zim's founding charter. The merged company would operate over 400 vessels with capacity exceeding 3 million TEU and annual transport above 18 million TEU. Zim is based in Haifa and listed on the New York Stock Exchange since 2021. The $35 per share offer represents a 58% premium and sent Zim shares up over 30%. Israel regards Zim as strategically important for emergency logistics and transporting US military aid, complicating state approval. Hapag-Lloyd plans to separate an Israel-focused unit for FIMI while integrating core shipping assets.
Read at www.dw.com
Unable to calculate read time
Collection
[
|
...
]