Maritimetekers

A new last-minute offer from Israel for Zim.

Shipping Lines

The investor pool has promised to maintain Zim's fleet of 145 ships and its operations centre, under full Israeli sovereignty.

A radical change has been made to the Zim sale process. Haim Sakal, an Israeli businessman from the Sakal family who was previously active in the duty-free business and is now head of a family office with interests in multiple businesses (though none of them is maritime-related), has reportedly submitted a last-minute offer for the Israeli company. Its takeover by Hapag-Lloyd and the Israeli fund FIMI was approved by 97.36% of its shareholders a few days ago.

A group of co-investors, whose nationalities are not specified, are reportedly supporting Sakal in the venture, according to Yedioth Ahronoth. According to the newspaper, the entrepreneur and other investors (it is unclear whether these are the same investors who made the offer for Zim) have also come forward to acquire Arkia, a Tel Aviv-based airline which operates flights to Italy.

The possibility of Sakal's offer for Zim

The possibility of Sakal's offer for Zim being given serious consideration, despite the approval from shareholders, remains uncertain. However, there are several factors that could make it more appealing than those of Hapag Lloyd and Fimi.

An economic value of $4.5 billion for all of Zim's shares,

Most importantly, it has an economic value of $4.5 billion in cash for all of the company's shares, which is approximately $300 million more than the amount already approved. This sum includes a €250 million portion earmarked for employee bonuses. According to Yedioth Aronoth, the works council has approved the initiative, describing the offer as 'improved'.

Sakal's offer : Greater Israeli control over the shipping company,

Greater Israeli control over the shipping company, considered a key asset for the Jewish state, could also be guaranteed by Sakal's offer. Specifically, the investor pool has promised to maintain the company's fleet of 145 ships and its operations centre 'under full Israeli sovereignty'. Furthermore, the exercise of the golden share over Hapag Lloyd-Zim's proposal remains pending. However, according to the newspaper, there are still doubts about the proposal's financial viability, given the difficulties faced by the Sakal family group.

The agreement for the sale to Hapag Lloyd and FIMI

On 16 February, the agreement for the sale to Hapag Lloyd and FIMI was signed, with a value of $4.2 billion. The completion of the project hinges on several factors, including shareholder approval (obtained on April 30) and regulatory and antitrust authorities' approval, as well as the exercise of the golden share by the state. It is anticipated that the project will reach completion by the end of 2026.

MoU between Hapag-Lloyd and FIMI.

The agreement also included the signing of a binding memorandum of understanding MoU between Hapag-Lloyd and FIMI. Under this agreement, the golden share held by the state would be transferred to a subsidiary of FIMI, pending government approval. Under the agreement, FIMI and Hapag-Lloyd will establish a new liner operator with fleets owned and headquartered in Israel. The fund will manage and control the operator under Hapag-Lloyd's "long-term strategic support".