The sale of Israeli carrier Zim Integrated Shipping Services is gaining momentum with the entry of shipping giant MSC, which is now competing with Hapag-Lloyd, while the proposal that triggered the contest, submitted by Zim’s own CEO Eli Glickman together with entrepreneur Rami Ungar, has been turned down by the board of directors. Several Israeli sources describe MSC as the leading candidate for three reasons. First, it is entirely controlled by the Aponte family, which has no links to countries with strained relations with Israel. Second, MSC and Zim already have operational synergies, including slot-sharing on trans-Pacific routes. Third, MSC’s financial position is considered particularly solid.
By contrast, Hapag-Lloyd’s interest, which predates MSC’s move, has raised concerns in Israel, which regards Zim as a strategic asset. These concerns relate primarily to the presence in the German group’s shareholder structure of Qatar Holding, with a 12.3% stake, and Saudi sovereign wealth fund PIF, holding 10.2%. Zim’s workforce has also voiced strong opposition to the German company during a meeting between its workers’ committee and Transport Minister Miri Regev, again citing the presence of Arab investors.
The Israeli government’s golden share, established when Zim was privatised in 2004, remains a decisive factor. This gives the executive a veto right over any sale exceeding 24% of the shares. In addition, the board of directors must have an Israeli majority, while both the CEO and the chairman must hold Israeli citizenship. Finally, Zim is required to make at least eleven container vessels available to the government at all times in the event of national emergencies.
Zim’s board has appointed Evercore as financial adviser to conduct a structured sale process, including the evaluation of bids. At the same time, a group of Israeli shareholders holding eight per cent of the capital has proposed three new candidates for the board to replace the current members. In light of the situation, the annual shareholders’ meeting has been postponed to 26 December 2025, with changes to the agenda. The board stated that it will not provide updates until an agreement is reached or the review process is completed.
Pietro Rossoni
