Zim shareholders approve $4.2 billion sale to Hapag-Lloyd
Overwhelming vote clears path for takeover as labor tensions linger in the background.
Shareholders of shipping company Zim approved the merger with Germany’s Hapag-Lloyd by an overwhelming majority of 97.36% on Thursday evening, according to the company’s announcement. Completion of the deal remains subject to regulatory approvals.
Under the terms of the agreement, Hapag-Lloyd and its partners will acquire 100% of Zim’s shares for $35 per share in cash, reflecting a total transaction value of approximately $4.2 billion.
The company emphasized that the deal structure preserves a significant Israeli anchor in shipping operations. Zim’s local activities will be transferred to ownership by the FIMI fund, ensuring continuity of Israel’s trade, a domestic maritime presence, and essential operational capacity in both routine and emergency situations.
Yair Seroussi, chairman of Zim’s board of directors, said the vote represents “a clear and unequivocal expression of confidence in the board, the process it conducted, and the structure of the deal with Hapag-Lloyd.” He added that the board will continue to act in the best interests of all stakeholders until the transaction is completed.
The approval comes against the backdrop of recent labor tensions at the company. Approximately two weeks ago, Zim employees launched a strike amid disputes over employment terms linked to the planned transfer of control. Around 900 workers covered by a collective agreement walked off the job, raising concerns over potential disruption to operations.
Following negotiations, the workers’ union and representatives of the acquiring parties reached a temporary arrangement under which employees returned to work in a partial strike format: roughly half working from home and the remainder from company offices. Crucially, business operations and ship movements have continued without disruption.
Talks between the union, Zim management, Hapag-Lloyd representatives, and FIMI are ongoing. The union has expressed concerns over potential early retirement plans affecting hundreds of employees, while the company maintains that discussions over a new collective agreement are progressing.
Zim, which currently has no controlling shareholder, is expected to be delisted from the New York Stock Exchange upon completion of the transaction. The deal marks a significant turning point for the company, which went public in 2021 at a valuation of $1.5 billion and is now being acquired at nearly three times that level.
