Hapag-Lloyd CEO to Visit Israel on Revised $4.2 Billion ZIM Offer

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Hapag-Lloyd's CEO is set to visit Israel Wednesday as the company pushes a revised offer to acquire ZIM Integrated Shipping for $4.2 billion, according to a Calcalist report. The CEO and Israeli private equity fund FIMI are seeking approval for the deal after six of Israel's eight regulators opposed the original terms, citing possible harm to ZIM's international shipping routes and financial stability. Earlier this month, Hapag-Lloyd and FIMI said they were working on a revised proposal following talks with Israeli authorities. Under the original agreement signed in February, Hapag-Lloyd agreed to acquire ZIM for $35 per share in cash, an equity value of roughly $4.2 billion, with the deal set to establish ZIM as a fully Israeli-controlled container shipping company owned by FIMI. A separate Israeli shipping business backed by FIMI Opportunity Funds would retain the ZIM brand and operate 16 vessels serving strategically important routes to Israel. ZIM shares ticked higher by 0.7% on the report.