Hapag-Lloyd and FIMI Fund Propose Improved Offer for Zim Shipping

German shipping giant Hapag-Lloyd and Israeli investment fund FIMI have announced they are advancing an improved offer to acquire Israeli shipping company Zim Integrated Shipping Services. The revised deal, to be submitted by the end of September, follows meetings with the Israeli government and aims to bolster Israel's maritime independence and security.

According to the joint announcement, the proposed transaction will re-establish Zim as a fully Israeli-controlled container shipping company, owned by FIMI. Zim Israel will assume full responsibility for Zim's 'golden share' mechanism. This mechanism currently allows up to 24% of the company's shares to be sold to private foreign investors without Israeli government approval.

The improved offer will reduce this foreign ownership threshold to 10% for Zim Israel. Furthermore, FIMI has committed to not listing Zim Israel shares on foreign stock exchanges, ensuring Israeli control over the transport of sensitive national cargo and enhancing the country's maritime access and autonomy.

Rolf Habben Jansen, CEO of Hapag-Lloyd, stated that the company listened to the Israeli government's concerns and is finalizing a proposal to strengthen Israel's maritime security and independence. He added that the revised agreement will ensure Israel's access to key shipping routes, including from Asia, enhance protections under the golden share, and prevent foreign interference in sensitive cargo transport, representing a significant improvement over the current situation. Habben Jansen believes the deal will be an important milestone in German-Israeli relations.