German shipping behemoth Hapag-Lloyd announced on Sunday that it is in advanced talks to acquire Haifa-based shipping giant Zim Integrated Shipping Services. In protest, Zim’s employees have launched a strike action at the company’s headquarters in Haifa.

Hapag-Lloyd confirmed earlier reports in Hebrew-language media that it partnered with Israeli private equity firm FIMI Opportunity Funds to agree on a deal to buy Zim, adding that “to date no binding agreements have been entered into.” The deal is worth $3 billion to $3.5 billion, according to Hebrew press reports.

Following media reports of its sale, Zim’s workers’ union decided to suspend all activities at the company’s headquarters in Haifa. Zim said management is in talks with the workers’ union to avert any “negative impact on the company’s ongoing operations,” adding that it understands the employees’ position and said their “best interests are at the forefront” of its considerations.

Zim declined to comment on the advancement of the sale when contacted by The Times of Israel. FIMI, Israel’s largest private equity fund managed by Ishay Davidi, did not respond to a request for comment.

Founded in Israel in 1945, Israel’s Zim is a global container liner shipping company with operations in over 90 countries serving more than 33,000 customers across 300 ports worldwide and major trade routes including the Pacific, Latin America, Atlantic, Cross-Suez, and Intra-Asia. New York Stock Exchange-traded Zim has a market value of $2.7 billion and employs 1,000 people, including 160 at its headquarters in Haifa.

Hapag-Lloyd said discussions with FIMI Opportunity Funds are at an advanced stage over the assumption of “obligations under special rights” held by the Israeli government. Israel holds a so-called “golden share” in Zim, giving it special rights to require Zim to maintain a presence in the country, including a certain number of vessels that must remain Israeli-owned to ensure maritime traffic continues in times of emergency such as during war.

Under the terms of the discussions between the parties, FIMI would control Zim’s Israel operations, which are subject to local regulatory restrictions, while Hapag-Lloyd would acquire its international operations.

“Zim is a strategic asset of the State of Israel, which constitutes a critical link for national security, the stability of supply lines, and the ability to maintain maritime trade even in times of emergency,” the Histadrut national labor union said. “Any harm to the stability of the company or its employees harms the national interest of the State of Israel.”

The Histadrut said it is in discussions with Zim’s management and the workers’ union to secure and protect employees’ jobs.

“We will not hesitate to use all the tools at our disposal, including shutting down the company, in order to protect workers and the public interest,” the Histadrut said in a statement.

Once a deal is signed and regulatory approvals are received, Hapag-Lloyd would purchase all of Zim’s shares and delist it from the New York Stock Exchange.

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