Hapag-Lloyd is preparing a revised structure for its $4.2bn takeover of Israeli container carrier ZIM to address concerns over maritime security and the state’s Golden Share, according to a company statement.
The German liner and Israeli private equity firm FIMI have until 27 September to revise the transaction after seeking a 45-day extension. Israel’s Government Companies Authority granted a 30-day extension.
“We are now developing an improved proposal designed to further strengthen Israel’s maritime security and independence,” Hapag-Lloyd chief executive Rolf Habben Jansen said. The revised structure would cut the stake that a private foreign investor could hold without prior Israeli government approval to 10% from 24%. FIMI has also committed not to list shares in the planned Israeli liner business outside Israel.
The state would gain broader authority over the new business, including access to its fleet of 16 vessels. The proposal would also strengthen links with Asia, add reefer capacity and give the Israeli operation access to Hapag-Lloyd’s global container pool.
Six of the eight Israeli government bodies required to give opinions on the transaction had opposed it.
A key concern was whether the Israeli business would retain sufficient independent access to major international shipping routes during a crisis. The original structure provided for three direct services, two to Greece and one to the US. Israeli authorities sought a broader network including at least one direct Far East connection.
Hapag-Lloyd agreed in February to acquire ZIM for $35 per share in cash, valuing the deal at about $4.2bn. ZIM shareholders approved the merger on 30 April. Completion remains subject to regulatory approvals and is expected by late 2026.
The combination would create a fleet of more than 400 vessels with capacity exceeding 3m TEU and annual transport volumes of more than 18m TEU. Hapag-Lloyd expects annual synergies of $300m to $500m.
Hapag-Lloyd AG is headquartered in Hamburg.
ZIM Integrated Shipping Services Ltd was founded in Israel in 1945 and serves more than 30,000 customers across more than 300 ports in over 90 countries.
FIMI Opportunity Funds is headquartered in Tel Aviv and has more than $11bn in assets under management.