Zim has said its merger agreement with Hapag-Lloyd remains binding after a surprise rival offer emerged from Israeli businessman Haim Sakal.
Sakal Group has made a $4.5bn cash offer for the NYSE-listed shipping company, reportedly exceeding the Hapag-Lloyd and FIMI Opportunity Funds deal by $300m.
However, Zim said its shareholders had already approved the Hapag-Lloyd merger agreement at the April 30, 2026 meeting.
The company’s board reaffirmed that the agreement with Hapag-Lloyd remains binding and said it continues to support the transaction.
Zim also said the parties are moving ahead with regulatory approvals, including discussions with the State of Israel.
The rival bid could be attractive from a political perspective because it would keep Zim under Israeli control. According to Globes, Sakal is offering $37.50 per share, compared with $35 per share under the Hapag-Lloyd offer, plus $250m for employees.
Under the Hapag-Lloyd proposal, a new Israeli shipping line would be created and owned by Israeli private equity fund FIMI. It would take over the Zim brand, the government’s golden share and 16 ships from the existing company.
Questions remain over how Sakal would finance the $4.5bn offer.
Zim’s share price initially rose 10% to just above $29 after the news, before closing at $27.84.
