An Israeli investor group led by businessman Haim Sakal submitted an offer Tuesday to acquire full ownership of ZIM Integrated Shipping Services for $4.5 billion in cash, challenging an existing merger agreement with German shipping giant Hapag-Lloyd and Israel’s FIMI fund.
The proposal is $300 million higher than the Hapag-Lloyd-FIMI offer and values ZIM shares at $37.50 each, a 7.1% premium over the price agreed with the German company, according to a letter Sakal sent to ZIM’s board.
ZIM said a binding merger agreement with Hapag-Lloyd had already been approved last week by 97% of shareholders and that the deal obligates the company.
The identity of Sakal’s investment partners was not immediately known, including whether they are Israeli or foreign investors, or how the proposed acquisition would be financed.
Sakal’s group also pledged to allocate $250 million as a bonus for ZIM employees. As an Israeli buyer, the group said it would keep ZIM’s fleet of 145 vessels and its operational headquarters under full Israeli sovereignty.
The offer comes as the Israeli government has yet to take a final position on the sale. The state holds a golden share in ZIM through the Government Companies Authority. Some government officials have argued that lessons from the war show Israel must preserve maritime independence.
ZIM’s workers’ committee welcomed the Israeli bid, though its chairman, Oren Caspi, said he learned of the offer only from media reports.
“We welcome the proposal that would keep ZIM in Israeli hands and see it as an expression of confidence in the company and its employees,” the committee said. “The special emphasis on employees reflects an approach that sees them as real partners, not just an operational resource.”
Sakal’s family previously held duty-free retail franchises at Ben-Gurion Airport through businesses run by his father, Solly Sakal, and uncle, Meir Sakal. The family later sold its duty-free operations and other assets after running into financial difficulties.
Alongside the ZIM bid, Sakal and a group of investors also submitted an offer to acquire Israeli airline Arkia. The proposed amount was not disclosed.