Hapag-Lloyd is seeking to acquire ZIM, Israel’s largest container carrier, according to multiple media outlets, but the move is already running into resistance from ZIM’s workers’ committee, which has warned that the presence of Qatari and Saudi sovereign funds among the German carrier’s shareholders could pose a national security risk.
Hapag-Lloyd’s main shareholders are German billionaire Klaus-Michael Kühne and Chilean shipping group CSAV, each holding around 30%. They are followed by the City of Hamburg with roughly 14%, Qatar’s state investment authority with about 12.5%, and Saudi Arabia’s sovereign wealth fund with close to 10%.
Other global liners, including Mediterranean Shipping Co and Maersk, have also been linked to potential interest in ZIM.
Late last month, the ZIM board rejected an offer by ZIM CEO Eli Glickman and Ray Car Carriers head Rami Ungar to acquire the company at a $2.4bn valuation. ZIM said at the time that it had formed a team to examine strategic alternatives regarding the company’s future.
Any transaction faces significant structural and political obstacles. ZIM is protected by a Special State share designed to safeguard its status as an Israeli entity and to ensure fleet availability for national security needs. That golden-share structure gives the Israeli government effective veto power over any takeover, and labour representatives are reportedly opposed to the company falling under foreign control.
Hapag-Lloyd ran into a similar barrier in 2023 when it attempted to acquire South Korea’s HMM, only for the deal to be blocked after the government declined to allow the sale of the national carrier to a foreign buyer.
Hapag-Lloyd and ZIM have history. Prior to the pandemic, Hapag-Lloyd explored acquiring ZIM at a time when the Israeli carrier was in financial difficulty.
