New $4.5bn offer for Zim: a teaser for Israeli government or just too late? – The Loadstar

MAERSK: END OF THE CALL MAERSK: RED SEA REOPENING BASE CASEMAERSK: AMAZON IMPACT MAERSK: BUNKER FUEL ADJUSTMENTS MAERSK: INSIGHT ON LOGISTICS MAERSK: CONSERVATIVE EBITDA GUIDANCEMAERSK: QUESTION TIMEMAERSK: NEW REPORTING STRUCTURE MAERSK: CFO REMARKSMAERSK: PROFITABLE GROWTHMAERSK: BENEFITS OF GEMINI MAERSK: ‘ENERGY SHOCK IS UNPRECEDENTED’ MAERSK: ‘FLUID ENVIRONMENT’ MAERSK: CEO INTRO REMARKSMAERSK: CONF CALL GXO: IT IS NOT THE TIME TO WORRY ABOUT AMAZONGXO: ABOUT THE AMAZON THREATDHL: AI POWER
MAERSK: END OF THE CALL MAERSK: RED SEA REOPENING BASE CASEMAERSK: AMAZON IMPACT MAERSK: BUNKER FUEL ADJUSTMENTS MAERSK: INSIGHT ON LOGISTICS MAERSK: CONSERVATIVE EBITDA GUIDANCEMAERSK: QUESTION TIMEMAERSK: NEW REPORTING STRUCTURE MAERSK: CFO REMARKSMAERSK: PROFITABLE GROWTHMAERSK: BENEFITS OF GEMINI MAERSK: ‘ENERGY SHOCK IS UNPRECEDENTED’ MAERSK: ‘FLUID ENVIRONMENT’ MAERSK: CEO INTRO REMARKSMAERSK: CONF CALL GXO: IT IS NOT THE TIME TO WORRY ABOUT AMAZONGXO: ABOUT THE AMAZON THREATDHL: AI POWER
Well, it’s quite the conundrum Zim’s shareholders now find themselves in, after the Israeli shipping line yesterday received a $4.5bn unsolicited takeover bid from an investment fund headed by local businessman Haim Sakal.
However, last week 97.3% of company’s shareholders voted to approve Hapag-Lloyd and FIMI’s $4.2bn offer, according to a Zim SEC filing, in which it added that the agreement was now “binding” on all parties.
And following the news of Mr Sakal’s offer, the Zim board last night issued a statement which said that its “board of directors re-confirmed that following the approval of Zim’s shareholders at the 30 April shareholders’ meeting, the merger agreement with Hapag-Lloyd is binding on the parties”.
The board added that it “reaffirmed that it continues to support the merger transaction with Hapag-Lloyd, and that the parties continue to engage with the applicable regulatory authorities, including the state of Israel, in order to satisfy the regulatory conditions under the agreement and consummate the transaction”.
The two key differences in the bids are price and promise: the new offer is some $300m higher; and the Sakal-led consortium is also promising $250m for Zim’s employees – which has understandably delighted the labour unions that had generally opposed the sale to Hapag-Lloyd/FIMI.
Additionally, whereas the Hapag-Lloyd/FIMI proposal will effectively carve up Zim into a domestic Israeli business controlled by FIMI, while the international operations – and vessels – will be folded into Hapag-Lloyd’s fleet, the Sakal offer promises to keep the entirety of Zim in Israel.
According to Israeli news outlet Ynet, which first reported the Sakal offer yesterday, the Israeli government has “yet to take a position on the deal”.
Under Zim’s current charter, the government holds a “Golden Share” in the carrier, via its Government Companies Authority, and the emergence of the Sakal offer is likely to change the environment within which it makes this decision.
Either way, Hapag-Lloyd and FIMI had two hurdles to surmount before completing – shareholder approval and regulatory approval. One has been achieved, the second, however, is now probably more open to question than it was a couple of days ago.
What investors are missing
Growing industry attention around the hub-and-spoke logistics model, instrumental in shaping the Gemini Cooperation between …
Hapag-Lloyd seems to have geared up to fill the booking gaps following the suspension of …
The closure of the Strait of Hormuz appears to be changing the frequency at which …
Container shipping remains effectively at “full employment”, despite the disruption in the Middle East, but …
One of the more intriguing questions raised by reports that the Chinese government has been …
Middle East landbridge solutions to fulfil container supply chains into markets cut off from shipping …
Omani-state owned shipping line and logistics group Asyad today completed its purchase of UK-headquartered freight …
Long-time Zim chief executive Eli Glickman announced today that he would be stepping away from …
Alex Lennane
email: [email protected]
Alessandro Pasetti
email: [email protected]
Nick Marsh
email: [email protected]
Arabella Tancred
Contact details and FAQs: Click here
OR

source