Hapag-Lloyd is sticking to takeover plans for Israeli shipping company ZIM

Hamburg. Despite previous resistance from the Israeli government, the Hamburg container shipping company Hapag-Lloyd is continuing to take over the local shipping company ZIM. “The concept that we have presented is an improvement in many areas – and also for the State of Israel compared to the status quo,” said Hapag-Lloyd boss Rolf Habben Jansen in an interview with “Welt am Sonntag”.

In the past one to one and a half months in particular, the discussion with the Israeli authorities has become significantly more intense. “And that always helps.”

Hapag-Lloyd - the fifth largest shipping company in the world with more than 300 ships and a total transport capacity of 2.5 million standard containers (TEU) - signed an agreement in February to take over the world's tenth largest container shipping line ZIM.

Accordingly, the Hamburg-based company should take over all ZIM shares for around 3.6 billion euros and expand its own fleet to more than 400 ships and increase capacity to more than 3 million TEU. But the Israeli government vetoed the move, particularly bothered by the fact that two sovereign wealth funds from Saudi Arabia and Qatar are among the owners of Hapag-Lloyd. They have 10.2 and 12.1 percent of the shares, respectively.

“I understand that this concern is being expressed,” said Habben Jansen. He pointed out that shareholders have no direct influence on day-to-day operations. “We have been to Israel every week with our ships for the past three years, and our Arab investors have always supported us well in developing the company over the past few years.”

With regard to the planned takeover, Habben Jansen emphasized: “When you talk to each other, you better understand the concerns of the other side.” And then it would also be possible to address these concerns. “I am still convinced that our concept is very good and that we can convince the Israeli authorities of it.”