According to multiple media reports, German shipping giant Hapag-Lloyd is seeking to acquire Israel’s largest container shipping company, ZIM, but the move has been opposed by ZIM’s workers’ committee. The committee warned that the presence of Qatari and Saudi sovereign wealth funds as shareholders in Hapag-Lloyd could pose a national security risk.
It is understood that Hapag-Lloyd’s major shareholders are German billionaire Klaus-Michael Kühne and Chilean shipping group CSAV, each holding approximately 30% of the shares. The next largest shareholders are the Hamburg City Government (holding about 14%), the Qatar Investment Authority (holding about 12.5%), and the Saudi sovereign wealth fund (holding nearly 10%).
In addition to Hapag-Lloyd, other global shipping giants including Mediterranean Shipping Company (MSC) and Maersk are also rumored to be interested in acquiring Zim Integrated Shipping Services.
In late November, ZIM’s board rejected a takeover bid proposed by the company’s CEO Eli Glickman and Rami Ungar, head of Israeli car carrier Ray Car Carriers, which valued ZIM at $2.4 billion. ZIM stated at the time that it had formed a team to explore strategic alternatives for the company’s future.
Reports indicate that any related transaction faces significant structural and political hurdles. ZIM is protected by Israel’s “special state share” mechanism, designed to preserve its status as an Israeli entity and ensure the availability of a fleet necessary for national security. This “golden share” structure grants the Israeli government a de facto veto over any acquisition, and labor representatives are reportedly opposed to the company falling under foreign capital control.
In 2023, Hapag-Lloyd encountered similar obstacles when attempting to acquire South Korea’s HMM—the deal ultimately fell through after the South Korean government refused to sell its national shipping company to a foreign buyer.
Hapag-Lloyd has long-standing ties with Zim. Before the COVID-19 pandemic, when Zim faced financial difficulties, Hapag-Lloyd had already explored the possibility of acquiring the company.