• 3 min de lectura
• 3 min de lectura
Forwarders have backed the objections of Brazilian authorities and Israeli legislators in questioning the looming Hapag-Lloyd acquisition of Zim – pushback against more consolidation within liner shipping.
Having seen its board and shareholders vote overwhelmingly (97.3%) in favour of the sale to the German half of the Gemini Cooperation in May, Zim has seen growing opposition to the $4.5bn deal – authorities in Brazil the latest to step in.
Brazil's Administrative Council for Economic Defense (Cade) will conduct a "full form review" of the deal after determining that the combined market share on certain routes would be in breach of its rules on market monopolisation.
Alphaliner noted: "The full review was triggered by the overlapping operations on three key long haul routes: West Coast South America-East Coast South America; Central America and Caribbean-East Coast South America; and North America-East Coast South America."
Consequently, any hopes of seeing the acquisition signed off imminently are in doubt, with Cade able to pursue its review up to 31 March 2027 – and there are reports that the Israeli government will also oppose the transaction, which could prove terminal.
This is because of the so-called "golden share" the Israel state holds over Zim, seeing the carrier as "an asset of strategic national importance", which empowers the government to veto a sale of any stock exceeding a 24% share.
But efforts to bring Tel Aviv on board have been relentless, Hapag-Lloyd bringing Israeli financial institution, FIMI Opportunity Funds, in on the deal and revising proposals to include a carve-out for a debt-free 'new Zim' that would operate 16 Israel-flagged ships.
Revisions also include guarantees on jobs that would be supported by creation of a regional Israel division, staffed by several hundred people, and a technology centre based in domestically, employing some 300.
Hapag-Lloyd CEO Rolf Habben Jansen remains bullish, noting that while "there's all kinds of stuff" about the deal in the press, the team were continuing to "work diligently with the various authorities that we need to work with".
He added that "we still expect to close the transaction somewhere towards the end of the year", despite reports that five of the eight Israel authorities required to pass the deal were opposed to it – Agriculture, Defence, Economy, Finance, and Shipping and Ports.
Forwarders seemingly share their scepticism, venting their frustration to The Loadstar over the ongoing consolidation of the liner shipping sector – one active in the trades noting: "These deals are bad news for customers, plain and simple."
