A major shake-up is unfolding in the global shipping industry as Hapag Lloyd to acquire ZIM becomes the centerpiece of a multibillion-dollar takeover deal—one that is already stirring market intrigue, executive stock sales and political debate.

While the acquisition process moves forward, several top executives at ZIM Integrated Shipping Services have begun selling significant portions of their stock holdings, signaling shifting tides inside the company.

ZIM CEO Leads Massive Share Sale

The largest sale came from Eli Glickman, who offloaded approximately 1.4 million shares this week.

The transaction brought in roughly $40 million, with shares selling at prices between $28 and $29 each.

That move represents about 87% of Glickman’s personal stake in the company.

According to ZIM’s latest Form 20-F annual report for 2025, Glickman previously held around 1.6 million shares, equivalent to roughly 1.3% ownership of the company.

Had he waited until the acquisition closes—when Hapag-Lloyd plans to purchase shares for $35 each—his holdings could have been worth about $56 million. By selling early, Glickman effectively forfeited approximately $8.4 million in potential proceeds.

Other Executives Also Sell Shares

Glickman was not alone in cashing out ahead of the anticipated takeover.

Several other senior executives also sold shares during the same period:

• Xavier Destriau sold shares valued at about $1.15 million

• Noam Nativ sold approximately $361,500 worth of stock

• Eyal Ben Amram sold shares totaling around $173,500

Together, the transactions amounted to roughly $41.7 million in stock sales.

$4.2 Billion Takeover Plan

The leadership share sales come as the proposed deal in which Hapag Lloyd to acquire ZIM advances toward regulatory review.

Last month, the two shipping giants reached an agreement for Hapag-Lloyd to buy all ZIM shares for $35 per share, placing the company’s total valuation at roughly $4.2 billion.

If completed, the deal would also result in ZIM being delisted from the New York Stock Exchange.

Israeli Operations to Be Sold Separately

As part of the broader transaction, Hapag-Lloyd also struck a separate arrangement with FIMI Opportunity Funds, led by Ishay Davidi.

Under that agreement, ZIM’s Israeli operations will be transferred to the private equity fund.

Those operations include:

• Approximately 16 owned ships from ZIM’s total fleet of 115 vessels

• Shipping routes connecting Israel to global markets

• Additional operational infrastructure

Navigating Israel’s “Golden Share” Rule

FIMI’s role in the deal helps address a major regulatory hurdle: Israel’s “golden share” in ZIM.

This special government-held share allows the Israeli state to requisition the company’s fleet during national emergencies to maintain vital maritime supply routes. It also requires government approval for any transfer of control.

Under the proposed structure, the golden share would remain attached to the new Israeli entity controlled by FIMI, preserving the government’s emergency powers.

Political Resistance Emerges

Despite the agreement, the transaction still faces multiple approvals.

The deal must receive backing from ZIM shareholders and regulators, including the Government Companies Authority under the Ministry of Finance.

So far, the full agreement has not yet been submitted to regulators, and detailed transaction documents have not been made public.

The proposal has already encountered resistance from several officials. Miri Regev and the Government Companies Authority have expressed concerns, though they have not yet reviewed the complete deal.

Critics argue the Israeli entity left behind could become smaller and financially weaker than the current ZIM company, despite expectations that agreements with Hapag-Lloyd would secure a steady revenue stream for five years.

ZIM’s labor union has also voiced opposition to the sale.

Market Skepticism Persists

Despite the proposed acquisition in which Hapag Lloyd to acquire ZIM, the market appears cautious.

ZIM currently trades with a market capitalization of about $3.25 billion, nearly $1 billion below the valuation implied by the takeover offer.

That gap suggests some investors remain uncertain that the transaction will ultimately close.

A Long Road From IPO to Sale

ZIM first went public on the New York Stock Exchange in January 2021, debuting with a valuation near $1.5 billion.

At the time, its largest shareholder was Israeli billionaire Idan Ofer, who gradually sold off his holdings and fully exited the company by late 2024.

After Ofer’s departure, CEO Glickman emerged as the company’s most influential leader.

He later attempted to orchestrate a management buyout alongside Rami Ungar and other executives.

That proposal, submitted last June, valued ZIM at roughly $2.4 billion, or about $21 per share. The board of directors—led by chairman Yair Seroussi—rejected the offer as too low.

Following that rejection, the board initiated a formal sale process that ultimately resulted in the agreement in which Hapag Lloyd to acquire ZIM.

Company Response

ZIM responded to the executive share sales by stating that the transactions were conducted in full compliance with applicable securities laws.

As the takeover proposal moves through regulatory scrutiny and political debate, the maritime industry is watching closely to see whether the high-stakes deal will ultimately sail through—or run aground.