On 4 December 2025 the Israeli business daily Globes reported that Hapag-Lloyd had tabled a preliminary offer to acquire the maritime carrier Zim Integrated Shipping Services. Sources described the process as still exploratory, with no formal negotiations under way. The Israeli company, listed on the NYSE, has maintained strict confidentiality, underscoring the sensitivity of the matter.
Hapag-Lloyd’s interest comes at a complicated time for Zim, which is already the target of an internal acquisition attempt. Chief executive Eli Glickman, together with shipping entrepreneur Rami Ungar, has submitted a management buyout proposal to privatise the company. According to Globes, the board has either rejected or put the initiative on hold, launching a strategic review to assess alternatives deemed more advantageous. In this context, the emergence of a potential external bidder changes the nature of the debate around the future ownership of the world’s ninth-largest container carrier.
Industry sources cited by the Israeli press say the two major global operators, MSC and Maersk, are also monitoring developments. The attention of several international groups reflects Zim’s strategic value. In recent years the company has strengthened its presence on key international trade routes and in services supporting e-commerce, while reinforcing its liquidity following the exceptional results achieved during the pandemic years.
A possible integration with Hapag-Lloyd would nevertheless face political obstacles. Zim’s workers’ committee has voiced strong opposition, pointing to the German group’s ownership structure. Qatar Holding holds 12.3 per cent, while the Saudi sovereign fund PIF owns 10.2 per cent. According to workers’ representatives, this configuration makes it risky to transfer a company deemed strategic for Israel’s national security to an operator with Qatari and Saudi shareholdings. During recent conflicts, highlighted by Globes with reference to the “Swords of Iron” war, Zim ensured the arrival in Israel of goods, medicines and sensitive materials, a role that reinforces domestic resistance to any sale to capital perceived as incompatible with state interests.
The presence of the golden share held by the Israeli Government is the decisive factor. This special share grants the State veto powers over operations affecting the company’s security or ownership. Without government approval, even a financially attractive offer would remain unenforceable. Observers also note that the golden share concerns not only shareholder control but also the reliability of the parties involved.
The leak of the reports prompted an immediate market reaction. Zim’s share price rose by around 4 per cent in US pre-market trading, suggesting that investors view the prospect of an acquisition positively. With a market capitalisation estimated at about USD 2.4 billion (€2.4 billion) before the news emerged, Zim enjoys strong liquidity and, in the view of some analysts, a valuation below its potential. Interest from an operator such as Hapag-Lloyd, the world’s fifth-largest container carrier, underscores the drive for consolidation in a market that, after the sharp volatility of the pandemic period, is aiming to reinforce scale, fleet integration and control over landside logistics services.
