Israel closes its review of the Hapag-Lloyd and FIMI takeover of ZIM
A new application is due by 6 October, and a fresh review could take months against a February 2027 deadline
Israel's Government Companies Authority has formally ended its review of the original structure of the $4.2bn takeover of ZIM by Hapag-Lloyd and the Israeli investment fund FIMI. The deal agreed in February is not dead, but any revised version now needs a new application and a fresh review.
The authority informed ZIM in a letter on 29 September. Its review, under way since March, was needed because of the conditions attached to the Israeli state's golden share in the carrier. The authority acted after Hapag-Lloyd and FIMI said they intended to submit a revised structure without yet filing the documentation for it. ZIM has until 6 October to submit a new application, which must be comprehensive, set out the revised terms in full and first be approved by the boards of ZIM, Hapag-Lloyd and FIMI.
The buyers had proposed splitting ZIM. A new domestic company, ZIM Israel, would run the routes to Israel and carry the golden share obligations, while Hapag-Lloyd would take over ZIM's international services and chartered fleet. Hapag-Lloyd chief executive Rolf Habben Jansen presented a revised framework in Israel on 24 September. The financial offer was unchanged, but ZIM Israel would gain a route to Asia, more vessels and reefer capacity and stronger training and employment commitments, and the stake a shareholder could take in it without government approval would fall to 10% from 24%.
Several government bodies opposed the deal as first structured. The Finance Ministry cited national security and maritime independence, questioned the long-term viability of a new company left with older ships, and pointed to the stakes that Qatari and Saudi sovereign wealth funds hold in Hapag-Lloyd. The Defence Ministry, labour unions and the Economics and Infrastructure Division of the Prime Minister's Office also objected, the last citing a "gap between the corporate structure and the operational and strategic reality". Economy Minister Nir Barkat has taken a more receptive line towards a revised deal.
A fresh application would be assessed from the beginning and could take several months. The deadline for meeting the transaction's conditions is February 2027, extending automatically to June 2027 if the authority's approval is the only one outstanding. ZIM's board must now decide whether to pursue the revised structure, look for another buyer or end the process.
Hapag-Lloyd has meanwhile raised its outlook for the year and now expects EBITDA of $3.9bn to $4.4bn, citing strong demand and positive freight rate developments.
This story is part of the Maritime Briefing of 4 October 2026.
