The Ministry of Finance opposes the ZIM sale deal as presented | Satisfaction in Haifa | The full document is attached

(Haipo) – The Ministry of Finance states that the sale of ZIM to the German Hapag-Lloyd (partly owned by Qatar and Saudi Arabia) and the splitting of the company's operations should not be approved in its current form. The opinion also emphasizes ZIM's status as an Israeli company headquartered in Haifa, along with its importance to the continuity of maritime supplies, employment, training of seafarers, and Israel's national needs.

The concern: The headquarters in Haifa will remain, but global operations will move

Under the proposed deal, ZIM's global operations will be transferred to Hapag-Lloyd, while FIMI will hold ZIM Israel. The Israeli company is expected to continue to be headquartered in Haifa, operate the routes that call Israel, and own at least 16 ships, 12 of which it owns. The Finance Ministry warns that despite keeping the headquarters in Haifa, the new company will be significantly smaller than the current one and will depend on Hapag-Lloyd for a number of essential services, including containers, capacity, and operational infrastructure.

Fear of Zim's loss of power as an Israeli company

The Ministry of Finance emphasizes that ZIM is currently one of the largest shipping companies in the world and that its activities in Israel are of national importance, including in training naval officers and maintaining continuity of supply in times of emergency. As part of the transaction, ZIM Israel will lose a significant part of its global network, including lines to the Far East. According to the opinion, this situation could weaken the company's operational independence and Israel's ability to rely on an Israeli shipping company with a broad international reach.

Finance: Do not approve the deal in its current outline

After examining the structure of the deal, the business projections and the risks, the Ministry of Finance recommends not approving the deal in the outline presented. The ministry notes that it would be possible to examine another deal that would substantially reduce the risks and ensure the national interests, the financial soundness of Zim Israel and its ability to operate independently over time.

Oren Caspi, chairman of the workers' committee, told the paper in response:

The workers' committee is pleased that the government sees the danger in Qatar and Saudi Arabia taking over a strategically significant company and welcomes this. ZIM is a critical security and economic asset for the State of Israel, and it would be unthinkable for the state to give up such an asset.

Haifa Mayor Yona Yahav in response to a verbal statement regarding the Prime Minister's and Finance Ministry's opposition to the Zim company sale deal:

"I welcome the position presented by the Prime Minister's and Finance Ministry's offices against the sale of the Zim company in the outline that is currently on the table. Right from the start, I was the first to call for stopping the deal and warned of its implications. Today, it turns out that the concerns I raised were justified. Zim is far more than a commercial company. The State of Israel's ability to maintain open trade routes and maritime independence, certainly in times of emergency, is a national interest of the highest order. Such a strategic capability must not be entrusted to a structure that creates dependence on foreign factors. Zim also has a deep and long-standing connection to Haifa, its employees, and the local economy. I expect the government to continue along this line and ensure that in any future outline, the Israeli independence of the vital shipping activity, the security interests of the state, the employees, and Haifa's status as the home of Zim will be preserved."

The Ministry of Finance's position against the sale and liquidation of ZIM – the full document: