MSC: ‘We wish to deny any interest in acquiring Zim’
- World’s largest container line confirms it is not in the bidding
- A deal was never on the table, says MSC, quashing reports of firm offer
- Reported interest from Hapag Lloyd and Maersk remains unconfirmed
In the latest twist in the Zim sale drama, MSC, seen as a leading contender to take over the company, reveals that an offer was never on the table
ISRAELI liner operator Zim is for sale, but MSC won’t be buying it.
“We wish to deny any interest in acquiring Zim,” an MSC spokesperson told Lloyd’s List on Wednesday.
Widely circulated press reports in Israel had claimed that both Hapag-Lloyd and MSC had made bids for Zim, and that Maersk was interested.
The MSC spokesperson told Lloyd’s List there was never a bid from MSC on the table.
Zim’s board confirmed on November 25 that Zim chief executive Eli Glickman and Israeli shipowner Rami Ungar had previously made a non-binding offer to purchase the company.
The board said that it rejected that proposal and began a strategic review, hiring Evercore as financial advisor. As part of that review, the board said it had received “indications of interest from multiple parties, including strategic interest”.
The confirmation that MSC is not a potential buyer comes on the heels of Zim’s settlement with the dissident shareholder group, ending the drama over the board director vote on December 26.
The dissident investors — Mor, Reading Capital and Sparta 24 — had been seeking to appoint three of their own directors.
Zim had issued a letter to shareholders, urging them to vote against the proposal, and issued statements supporting that position from leading proxy advisories Glass Lewis and ISS.
Under the settlement announced after market close on Tuesday, Zim has approved two of the dissidents’ director nominations, increased the size of its board from eight to 10, and the dissident group has withdrawn its objections.
