German container line Hapag-Lloyd announced on Sunday that it is in advanced negotiations to acquire Haifa-based container liner company Zim Integrated Shipping Services Ltd.

The Management Board of Hapag-Lloyd Aktiengesellschaft has confirmed it is in advanced negotiations regarding a potential acquisition of all shares in its Israeli competitor Zim Integrated Shipping Services Ltd. (ZIM).

To date no binding agreements have been entered into, the ad hoc release of Hapag-Lloyd reads.

The required approvals of the transaction by the Management Board and the Supervisory Board of the company, as well as by the competent corporate bodies of the contractual counterparties have not yet been granted.

Furthermore, the consent of the State of Israel based on its special rights set forth in the articles of association of ZIM is required.

In this context, Hapag-Lloyd said negotiations with FIMI Opportunity Funds, an Israeli financial investor, for the assumption of the obligations under these special rights are well advanced.

According to Hapag-Lloyd, the completion of the transaction would require additional regulatory approvals, and the consent of the shareholders’ meeting of ZIM.

Founded in Israel in 1945, ZIM is a global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in over 300 ports worldwide.