Germany’s Hapag-Lloyd buying Zim of Israel for $4.2 billion

In a merger of two of the world’s largest container shipping lines, Hapag-Lloyd of Germany will acquire Israel’s Zim Integrated Shipping Services for $4.2 billion. Zim (NYSE: ZIM) confirmed an earlier report by FreightWaves in an announcement Monday. The all-cash deal values Zim at $35 per share, or $4.2 billion, a 58% premium to its prior-day closing price and 126% premium to its unaffected stock price. Zim said the sale is structured so that a new Israel-based company, New ZIM, will acquire a portion ...