Hapag-Lloyd and FIMI Submit Revised Proposal for ZIM Acquisition

Source: ZIM

According to Israeli media reports, Hapag-Lloyd CEO Rolf Habben Jansen travelled to Israel on 24 September. Together with FIMI Opportunity Funds, led by Ishay Davidi, Hapag-Lloyd has submitted a revised proposal for the USD 4.2 billion acquisition of ZIM to the Israeli authorities.

Hapag-Lloyd and FIMI said the new proposal was developed to address concerns raised by Israeli authorities during their review of the transaction, while strengthening ZIM Israel’s role as an Israeli-owned and controlled container shipping company.

Under the original transaction structure, Hapag-Lloyd would acquire 100% of ZIM’s shares at USD 35 per share. A new entity controlled by FIMI would take over part of ZIM’s operations that would be carved out, initially comprising 16 vessels and assuming the obligations associated with the State of Israel’s Special Share, or Golden Share.

Israeli authorities had previously raised concerns about ZIM Israel’s financial capacity and scope of operations following the restructuring, as well as Israel’s ability to retain control over the carrier and maintain critical shipping routes and supply chains in emergency situations.

10 Key Changes to the Transaction Structure

The revised proposal includes 10 key changes to the transaction structure. Hapag-Lloyd and FIMI said detailed documents, including the relevant commitments and agreements, will be finalized and submitted within 45 days.

Key provisions include:

Greater Israeli control: Strengthening the rights of the State of Israel through the Golden Share, while lowering the ownership-change threshold that could trigger a government review. The new structure is intended to ensure that ZIM Israel remains Israeli-owned and under Israeli control.

New Far East service: ZIM Israel is expected to operate a weekly service to the Far East, in addition to the transatlantic and Mediterranean services included in the original structure.

Increased reefer capacity: ZIM Israel is expected to expand its refrigerated cargo capacity, with proposed reefer capacity doubling from ZIM’s current level.

Access to the global network: Hapag-Lloyd will enter into a long-term commercial agreement with ZIM Israel, providing the company with access to Hapag-Lloyd’s global container shipping network.

Maintaining operations in Israel: Vessel management activities and professional maritime personnel will continue to be based in Israel. ZIM Israel will also operate an independent IT system in the country.

The addition of a Far East service is one of the most notable changes, expanding ZIM Israel’s scope of operations compared with the original structure. Under the revised proposal, ZIM Israel’s network would include services to the Far East, as well as transatlantic and Mediterranean routes.

Updated Business Plan and Governance Structure

FIMI will also submit an updated business plan for ZIM Israel. According to documents cited by Calcalist, the plan projects an increase of approximately USD 1.7 billion in ZIM Israel’s revenue over 10 years, while profit is expected to increase by around USD 200 million over the same period. This additional growth is expected to come primarily from expanded commercial activity on the Far East trade.

FIMI said the business plan will be supported by independent assessments from international consulting firms. The documents are also expected to include assessments of the feasibility of the business model and financial plan, as well as a legal opinion concerning Hapag-Lloyd’s corporate governance structure.

One of the issues under review is Hapag-Lloyd’s ownership structure and concerns related to foreign investors. According to the proposal documents, the parties also emphasized that Hapag-Lloyd has continued to maintain services to Israel since October 2023, including during periods when security conditions disrupted maritime operations.

Additional Employment Commitments

The revised proposal also includes provisions concerning Israeli employees. Under the proposal, a special collective labour agreement would safeguard the employment of most existing ZIM employees, while maintaining training programmes and expanding the Israeli seafarer workforce.

The parties also proposed a 10-year “employment security network,” along with provisions for voluntary retirement and a commitment not to lay off employees through the end of 2027.

In addition, Hapag-Lloyd and FIMI plan to expand the number of Israeli seafarers in the coming years, with the aim of maintaining and developing the country’s domestic maritime workforce.

Deal Value Remains at USD 4.2 Billion

Despite the changes to the transaction structure, the deal value remains unchanged at USD 4.2 billion, equivalent to USD 35 per ZIM share.

Hapag-Lloyd and FIMI are expected to finalize the detailed documents within 45 days and continue discussions with the Israeli authorities. The transaction was initially expected to close by the end of 2026. However, completion could be pushed back to mid-2027 as the parties require additional time to finalize and review the revised structure.

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Source: Phaata.com (According to Maritime Executive)

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