Israel stalls ZIM's $35 sale, and its veto would cost Hapag-Lloyd nothing

ZIM is a container shipping line founded in Israel in 1945. It works in more than 90 countries. [C46][C46] Press release, about ZIMFounded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide.ZIM press release updating on the merger agreement, Exhibit 99.1 to Form 6-K, July 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326003413/exhibit_99-1.htm Its profits rise and fall with freight rates. Revenue in the first half fell to $3.18 billion from $3.64 billion, and it lost $22 million. [C48][C48] Results release, six monthsTotal revenues were $3.18 billion for the first half of 2026, compared to $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C27][C27] Results release, key results tableNet income (loss) ($ in millions) 64 24 (22 ) 320 Adjusted EBITDA ($ in millions) 491 472 804 1,251ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm The second quarter was better. Revenue rose 9%, and the company expects a much stronger second half. [C76][C76] Results release, highlightsRevenues for the second quarter were $1.78bn, a year-over-year increase of 9%.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C77][C77] Results release, headlinePositive H1 Adjusted Net Income with significantly stronger performance expected in H2ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm

ZIM expects $2.0 billion to $2.4 billion of adjusted EBITDA this year. That is profit before interest, taxes, depreciation and amortization. [C29][C29] Results release, guidanceIn 2026, the Company expects to generate Adjusted EBITDA between $2.0 billion and $2.4 billion and Adjusted EBIT between $700 million and $1.1 billion.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm The industry is crowded. MSC, Maersk and CMA CGM hold about 47.8% of world capacity. [C60][C60] Form 20-F, competitionThe cargo shipping industry is highly competitive, with the top three carriers in terms of global capacity — MSC, Maersk and CMA CGM — accounting for approximately 47.8% of global capacityZIM annual report on Form 20-F for 2025, filed March 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm Most ships ZIM runs are chartered for more than a year. So its costs do not fall as fast as freight rates. [C61][C61] Form 20-F, chartersAs of December 31, 2025, 85.7% of our chartered-in vessels (or 91.5% in terms of TEU capacity for container vessels) have a remaining charter period that exceeds one yearZIM annual report on Form 20-F for 2025, filed March 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm

The second-quarter profit of $64 million looks better than it is. Reported operating income fell to $144 million from $149 million. [C26][C26] Results release, highlightsNet income for the second quarter was $64m (compared to $24m in the second quarter of 2025)ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C72][C72] Results release, key results tableOperating income (EBIT) ($ in millions) 144 149 126 613ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm The adjusted figure rose to $169 million because it adds back $25 million of deal costs. [C73][C73] Results release, key results tableAdjusted EBIT ($ in millions) 169 149 164 612ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C74][C74] Results release, headlineQ2 EBITDA and Net Income, adjusted for costs related to the pending Hapag-Lloyd transactionZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm The quarter also had a $3.4 million tax benefit. A year earlier it had a $25.6 million tax charge. [C75][C75] Interim statement of profit or lossIncome taxes 15.3 (110.0 ) 3.4 (25.6 ) (177.0 )ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm

Hapag-Lloyd agreed on February 16 to pay $35 a share in cash. That was 58% above ZIM's $22.20 close before the deal. [C59][C59] Form 6-Kapproved the Agreement and Plan of Merger, dated as of February 16, 2026, by and among the Company, Hapag-Lloyd AG (“Parent”)ZIM Form 6-K on shareholder approval of the merger agreement, filed May 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002420/zk2635219.htm [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C7][C7] Proxy statement, questions and answersa 58% premium to ZIM’s closing share price of $22.20 on February 13, 2026 (the last trading day before the execution of the merger agreement)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm It was 126% above the $15.50 price before talks leaked in August 2025. [C6][C6] Proxy statement, questions and answersrepresents a 126% premium to ZIM’s closing share price of $15.50 (which we consider to be the unaffected share price) on August 8, 2025ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Shareholders approved the deal on April 30, with 97.36% of votes in favor. ZIM then said it expected to close by the end of 2026, and it has not updated that. [C25][C25] Form 6-K, voting results57,215,733 1,546,951 101,091 97.36% YZIM Form 6-K on the results of the April 30, 2026 special shareholder meeting, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002319/zk2635166.htm [C24][C24] Form 6-KThe Company expects the transaction to close in the fourth quarter of 2026, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement.ZIM Form 6-K on shareholder approval of the merger agreement, filed May 6, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002420/zk2635219.htm

ZIM has paid about $47 a share in dividends since it listed in 2021, by its proxy's count. [C62][C62] Proxy statement, background of the mergerZIM completed its initial public offering (“IPO”) and listed its ordinary shares on the NYSE on January 28, 2021ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C20][C20] Proxy statement, background of the mergerpaying its shareholders approximately $47 per share in aggregate cash dividends and, as of mid-2025, maintaining a cash position in excess of $3 billion.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm The deal lets it keep paying dividends under its usual policy until closing. [C21][C21] Proxy statement, background of the mergerParent accepted that ZIM would be permitted to pay ordinary course dividends during the interim period in line with ZIM’s existing dividend policy.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

The special state share is Israel's veto. ZIM must stay based in Israel and keep at least 11 seaworthy ships. [C8][C8] Proxy statement, the State Share Approvalrequires (a) the Company to remain incorporated and registered in the State of Israel with its headquarters and principal office domiciled in Israel, (b) the Company to maintain a minimal fleet of 11 seaworthy vesselsZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Its chief executive and most of its board must be Israeli. No one may take control or 35% of its shares without the state's consent. [C9][C9] Proxy statement, the State Share Approval(c) at least a majority of the ZIM board, including the chairperson, to be Israeli citizens, (d) the chief executive officer of the Company to be an Israeli citizen, and (e) prior written consent from the holder of the Special State Share for any transfer or issuance of shares that confers possession of 35% or more of the Company’s issued share capital or that provides control over the Company.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm To meet these rules, Hapag-Lloyd signed up an Israeli fund, FIMI. FIMI would take at least 11 ships and the state share at closing. [C58][C58] Proxy statement, the State Share ApprovalParent entered into a binding memorandum of understanding with FIMI Opportunity 7, L.P. and FIMI Israel Opportunity 7, Limited Partnership (together, “FIMI”)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C10][C10] Proxy statement, the State Share Approvalpursuant to which Parent causes at least 11 qualifying vessels to be sold or transferred to FIMI (or another qualifying Israeli partner) and FIMI (or such other qualifying Israeli partner) enters into a binding assumption agreement with the State of Israel pursuant to which it assumes the rights and obligations of the Special State Share effective as of the closing of the merger.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm If FIMI drops out, Hapag-Lloyd must look for another Israeli partner. [C18][C18] Proxy statement, reasonable best effortsseek an alternative Israeli partner reasonably expected to be approved by the State of Israel, following consultation with ZIM.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Reuters reported on September 7 that the deal faced heavy opposition in Israel. It said Hapag-Lloyd was working with the government on changes. [C57][C57] Reuters, September 7, 2026The proposed deal has faced heavy opposition in IsraelReuters · Read October 1, 2026Open source ↗https://www.reuters.com/world/middle-east/hapag-lloyd-plans-improvements-42-billion-bid-israels-zim-2026-09-07/ [C56][C56] Reuters, September 7, 2026Hapag-Lloyd (HLAG.DE), opens new tab is working with the Israeli government on improvements to its proposed $4.2 billion cash purchase of ZIM Integrated Shipping ServicesReuters · Read October 1, 2026Open source ↗https://www.reuters.com/world/middle-east/hapag-lloyd-plans-improvements-42-billion-bid-israels-zim-2026-09-07/

ZIM's leaders changed during the deal. Chief executive Eli Glickman resigned in April and left on July 1. Chen Lichtenstein replaced him. [C43][C43] Form 6-KMr. Eli Glickman, the president and chief executive officer of the Company informed the board of directors of the Company of his decision to depart from the Company.ZIM Form 6-K on the chief executive's departure, filed April 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002130/zk2635087.htm [C40][C40] Form 4, remarksThe reporting person ceased serving as the Company's Chief Executive Officer on July 1, 2026 and is no longer an officer of the Company.Form 4 for Eli Glickman, former ZIM chief executive, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000763/xslF345X06/primary_doc.xml [C44][C44] Press releaseannounced today the appointment of Dr. Chen Lichtenstein as its new President and Chief Executive OfficerZIM press release naming Chen Lichtenstein chief executive, Exhibit 99.1 to Form 6-K, June 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002996/exhibit_99-1.htm Finance chief Xavier Destriau also gave notice, and Sami Jubran is taking over. [C45][C45] Form 6-Kthe board of directors of the Company resolved to appoint Mr. Sami Jubran as the successor of Mr. Destriau in the role of chief financial officer of the Company.ZIM Form 6-K on the chief financial officer's departure, filed April 23, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002208/zk2635127.htm Unions at the head office took strike action over the merger. ZIM says this caused short interruptions but no real harm. [C69][C69] Interim financial statements, subsequent eventsthe employees’ union undertook certain strike measures that caused temporary interruptions, which as of today has had no material impact on the Company’s activities.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm

The regulator's letter says Hapag-Lloyd and FIMI promised a new plan for how ZIM would run after the deal. They did not send it by the deadline. [C2][C2] Form 6-Ksince in a letter submitted to the GCA by Hapag-Lloyd and FIMI earlier in September 2026, Hapag-Llyod and FIMI indicated their intention to submit a revised proposal for the post-closing operations of Company’s business, but since no such detailed revised proposal was submitted to the GCA by the deadline previously set by the GCA for responses to the GCA’s information request, the GCA has determined to cease handling the pending application for approval of the requested changes in the special state share, which was submitted for its approval back in March 2026.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm So the regulator stopped handling the request ZIM filed in March. Any new plan must come in full detail. [C2][C2] Form 6-Ksince in a letter submitted to the GCA by Hapag-Lloyd and FIMI earlier in September 2026, Hapag-Llyod and FIMI indicated their intention to submit a revised proposal for the post-closing operations of Company’s business, but since no such detailed revised proposal was submitted to the GCA by the deadline previously set by the GCA for responses to the GCA’s information request, the GCA has determined to cease handling the pending application for approval of the requested changes in the special state share, which was submitted for its approval back in March 2026.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm [C3][C3] Form 6-Ksuch proposal would need to be filed in full detail in order to enable the GCA and the State of Israel to make an informed decision with respect to such application and proposal.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm Hapag-Lloyd told ZIM it plans to send one. [C4][C4] Form 6-KHapag-Lloyd informed the Company that it intends to submit a revised proposal and seek approval from the GCA and the State of Israel in connection with the special state share and the pending merger transaction.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm This follows objections from the defense and economy ministries. ZIM said in August that Israel had made no formal decision. [C67][C67] Interim financial statements, Note 1several governmental offices of the State of Israel, including the Ministry of Defense and the Ministry of Economy and Industry, provided professional opinions expressing their objections to the proposed merger in its current structure, based on concerns regarding potential risks to the state’s national security, economic independence and long-term commercial prospects.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C68][C68] Interim financial statements, Note 1However, as of the date of the publication of these financial statements, no formal decision of the State of Israel was made and no such formal decision was delivered to the parties to the merger with respect to the proposed merger.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm

The break fees are the key detail. Hapag-Lloyd owes ZIM $160 million only in one case. [C12][C12] Proxy statement, termination feeParent will pay or cause to be paid to ZIM a termination fee of $160 million (the “Parent termination fee”)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm That case is when some other regulator blocks the deal and everything else, including Israel's approval, is in place. [C13][C13] Proxy statement, termination fee(x) certain regulatory conditions (excluding those relating to the Special State Share Approval and Israeli regulatory laws (other than the Israeli Economic Competition Law 5748-1988)) will not have been satisfied, but (y) all other conditions to closing set forth in the merger agreement will have been satisfied or waivedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm If Israel's state share or another Israeli rule blocks it, ZIM gets nothing. Competition law is the one Israeli exception. [C13][C13] Proxy statement, termination fee(x) certain regulatory conditions (excluding those relating to the Special State Share Approval and Israeli regulatory laws (other than the Israeli Economic Competition Law 5748-1988)) will not have been satisfied, but (y) all other conditions to closing set forth in the merger agreement will have been satisfied or waivedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Hapag-Lloyd does not have to close without Israel's release. It also does not have to accept conditions that would badly hurt the combined company. [C11][C11] Proxy statement, risk factorsIf Parent cannot obtain the Special State Share Release, Parent will not be required to complete the merger as plannedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C17][C17] Proxy statement, reasonable best effortsParent will not be required to take any actions or commitments (and ZIM will not without Parent’s consent take any actions or commitments) that, individually or in the aggregate, would (A) have a material adverse effect on the business, financial condition or results of operations of Parent and its subsidiaries (including ZIM and its subsidiaries), taken as a whole, as measured relative to the size of ZIM and its subsidiaries, taken as a wholeZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

ZIM could owe Hapag-Lloyd $150 million in some cases. One is if the deal ends at the deadline after a rival offer was known. [C14][C14] Proxy statement, termination feeZIM will pay or cause to be paid to Parent a termination fee of $150 million (the “ZIM termination fee”)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C63][C63] Proxy statement, termination fee(a) Parent or ZIM terminates the merger agreement as a result of (x) the closing having not occurred on or before the outside date or (y) the ZIM shareholder approval having not been obtainedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm ZIM would then pay only if it agrees to another sale within 18 months. [C15][C15] Proxy statement, termination feewithin 18 months of such termination, an acquisition proposal is consummated or a definitive agreement is entered into with respect to an acquisition proposal that is subsequently consummatedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

Either side can end the deal if it has not closed by February 17, 2027. That date moves to June 30, 2027 if only approvals are left. [C16][C16] Proxy statement, terminationthe closing has not occurred on or before February 17, 2027, subject to an automatic extension to June 30, 2027 (such applicable date, the “outside date”), if all of the conditions to closing, other than those related to (i) the making, expiration, termination or obtaining of applicable filings, registrations, waiting periods and approvals under applicable regulatory laws (the “other required regulatory approvals”) and the Special State Share ApprovalZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm The deal also needs about forty other competition and investment approvals. No filing since August says how many are done. [C19][C19] Proxy statement, conditions(iii) the receipt of required regulatory approvals under applicable competition and foreign investment laws (approximately forty required regulatory clearances)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

Here is what each side gives and gets. ZIM holders would get $35 a share, about $4.2 billion in all, and give up the company. [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C22][C22] Proxy statement, votingOn March 16, 2026, there were 120,449,953 ZIM ordinary shares issued and outstanding.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Options worth something would be paid out. Options priced at $35 or more would be canceled for nothing. [C78][C78] Proxy statement, interests of directorsAll outstanding ZIM options granted under the ZIM equity plans, and among these the outstanding ZIM options granted to the directors and senior managers, will be cancelled at the effective time of the mergerZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C79][C79] Proxy statement, treatment of equity awardsEach ZIM option with a per share exercise price that is equal to or greater than the merger consideration will be cancelled for no consideration.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Hapag-Lloyd would get the business. FIMI would get the ships and the state's veto rights. [C10][C10] Proxy statement, the State Share Approvalpursuant to which Parent causes at least 11 qualifying vessels to be sold or transferred to FIMI (or another qualifying Israeli partner) and FIMI (or such other qualifying Israeli partner) enters into a binding assumption agreement with the State of Israel pursuant to which it assumes the rights and obligations of the Special State Share effective as of the closing of the merger.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm At $29.32 the stock values ZIM at about $3.5 billion. That is about $0.7 billion below the offer. [C51][C51] IEX closing pricesZIM closed at $29.315 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ [C22][C22] Proxy statement, votingOn March 16, 2026, there were 120,449,953 ZIM ordinary shares issued and outstanding.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm The gap of about $5.69 is about 16% of the offer. It is a 19% gain from today's price if the deal closes. [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C51][C51] IEX closing pricesZIM closed at $29.315 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/

Insiders have been selling below the offer. Glickman exercised 207,941 options on a net basis, which gave him 20,748 shares. [C66][C66] Form 4, explanation of responsesThe reporting person exercised 207,941 stock options on a net basis. Shares were withheld to cover the aggregate exercise price, resulting in the issuance of 20,748 shares.Form 4 for Eli Glickman, former ZIM chief executive, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000763/xslF345X06/primary_doc.xml In August he sold those and 233,473 other shares at about $28.22 each. He now holds none. [C38][C38] Form 4, Table IOrdinary Shares 08/21/2026 S 20,748 (3) D $ 28.2205 (4) 233,473 D Ordinary Shares 08/21/2026 S 233,473 D $ 28.2205 (4) 0 DForm 4 for Eli Glickman, former ZIM chief executive, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000763/xslF345X06/primary_doc.xml Destriau sold 12,084 shares at $28.80 in August. Executive Saar Dotan sold 26,544 at $29.85 in September and kept 67,200. [C41][C41] Form 4, Table IOrdinary Shares 08/24/2026 S 12,084 (3) D $ 28.8 0 DForm 4 for Xavier Destriau, ZIM chief financial officer, filed August 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000770/xslF345X06/primary_doc.xml [C42][C42] Form 4, Table IOrdinary Shares 09/14/2026 S 3,877 (3) D $ 29.85 89,867 D Ordinary Shares 09/14/2026 S 22,667 D $ 29.85 67,200 DForm 4 for Saar Dotan, ZIM executive vice president, filed September 15, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000846/xslF345X06/primary_doc.xml

If the deal fails, holders own a company with real cash but uneven profits. At June 30 ZIM had $2.46 billion of cash beyond its financial debt, about $20.40 a share. [C31][C31] Results release, highlightsNet cash position (total cash position minus financial debt; i.e., excluding lease liabilities) of $2.46bn as of June 30, 2026.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C22][C22] Proxy statement, votingOn March 16, 2026, there were 120,449,953 ZIM ordinary shares issued and outstanding.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm But it also had about $5.2 billion of ship leases, $1.04 billion of them due within a year. That leaves net debt of $2.77 billion, 1.6 times its earnings measure. [C36][C36] Interim balance sheet, non-current liabilitiesLease liabilities 4,191.2 4,647.4 4,551.6ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C37][C37] Interim balance sheet, current liabilitiesLease liabilities 1,041.1 1,167.6 1,096.5ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C30][C30] Results release, highlightsNet debt, comprised predominantly of lease liabilities minus total cash position, of $2.77bn as of June 30, 2026ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C32][C32] Results release, highlightsNet leverage ratio of 1.6x as of June 30, 2026ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm Lease owners are paid before shareholders. ZIM's loans require at least $250 million of liquidity, and it had $2.8 billion at the end of 2025. [C70][C70] Form 20-F, financial statements, debtthe Company’s liquidity, as defined in the related agreements, amounted to $ 2.8 billion (compared to the minimum liquidity required of $250 million)ZIM annual report on Form 20-F for 2025, filed March 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm

Book equity was $3.88 billion, about $32 a share. ZIM's banker valued the stock at $20 to $30 a share on tangible book value. [C35][C35] Interim balance sheetEquity attributable to owners of the Company 3,881.2 3,897.4 4,020.9ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C22][C22] Proxy statement, votingOn March 16, 2026, there were 120,449,953 ZIM ordinary shares issued and outstanding.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C23][C23] Proxy statement, opinion of Evercore(ii) $20.00 to $30.00, based on tangible book valueZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm It gave $23.70 to $49.84 on 2026 profit estimates, and $19.27 to $40.85 on future cash flows. [C64][C64] Proxy statement, opinion of Evercore(i) $13.60 to $40.33, based on 2025E EBITDA and $23.70 to $49.84, based on 2026E EBITDAZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C65][C65] Proxy statement, opinion of Evercorethis analysis indicated a range of implied equity values per ZIM ordinary share of $19.27 to $40.85ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm Free cash flow was $386 million in the second quarter and $621 million in the half. ZIM paid $106 million of dividends and $781 million of mostly lease payments. [C28][C28] Results release, key results tableFree cash flow ($ in millions) 386 426 621 1,213ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C34][C34] Results release, cash flowOther cash flow items in the first half of 2026 include a dividend payment of $106 million and $781 million of debt service, mostly related to charter vessel and equipment lease liability repayments.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm A takeover would also let MSC end a key shipping partnership on six months' notice. [C71][C71] Form 20-F, operational partnershipsin the event of change of control, the other party may terminate the agreement by providing a six-month noticeZIM annual report on Form 20-F for 2025, filed March 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm

The stock barely moved on the news. ZIM rose about 1.8% on September 30, to $29.32 from $28.79. [C50][C50] IEX closing pricesZIM closed at $28.79 on September 29, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ [C51][C51] IEX closing pricesZIM closed at $29.315 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ Matson, a US shipper, fell about 3.0%. XLI, a fund of industrial stocks, fell about 1.3%. [C52][C52] IEX closing pricesMATX closed at $226.42 on September 29, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ [C53][C53] IEX closing pricesMATX closed at $219.63 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ [C54][C54] IEX closing pricesXLI closed at $169.13 on September 29, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ [C55][C55] IEX closing pricesXLI closed at $166.93 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ ZIM ended slightly below its $29.55 close of September 15. [C49][C49] IEX closing pricesZIM closed at $29.55 on September 15, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ A single day proves little. But the ministries' objections had been public since August, so much of the doubt was likely already in the price. [C67][C67] Interim financial statements, Note 1several governmental offices of the State of Israel, including the Ministry of Defense and the Ministry of Economy and Industry, provided professional opinions expressing their objections to the proposed merger in its current structure, based on concerns regarding potential risks to the state’s national security, economic independence and long-term commercial prospects.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm

The best case for holding is simple. Hapag-Lloyd says it will try again, and holders already voted yes. [C4][C4] Form 6-KHapag-Lloyd informed the Company that it intends to submit a revised proposal and seek approval from the GCA and the State of Israel in connection with the special state share and the pending merger transaction.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm [C25][C25] Form 6-K, voting results57,215,733 1,546,951 101,091 97.36% YZIM Form 6-K on the results of the April 30, 2026 special shareholder meeting, filed April 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326002319/zk2635166.htm Israel has made no formal decision. The gap is a 19% gain if the deal closes. [C68][C68] Interim financial statements, Note 1However, as of the date of the publication of these financial statements, no formal decision of the State of Israel was made and no such formal decision was delivered to the parties to the merger with respect to the proposed merger.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C51][C51] IEX closing pricesZIM closed at $29.315 on September 30, 2026 (IEX)IEX closing prices for ZIM, MATX and XLI, September 15 to September 30, 2026Open source ↗https://iextrading.com/trading/market-data/ ZIM can keep paying dividends meanwhile. Its finance chief said a stronger second half could let the board consider one on third-quarter results. [C21][C21] Proxy statement, background of the mergerParent accepted that ZIM would be permitted to pay ordinary course dividends during the interim period in line with ZIM’s existing dividend policy.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C33][C33] Results release, chief financial officerThis anticipated improvement would enable our Board of Directors to consider declaring a dividend to shareholders based on our third-quarter results.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm

The case against is just as clear. Two ministries objected, and the plan the regulator wanted never came. [C67][C67] Interim financial statements, Note 1several governmental offices of the State of Israel, including the Ministry of Defense and the Ministry of Economy and Industry, provided professional opinions expressing their objections to the proposed merger in its current structure, based on concerns regarding potential risks to the state’s national security, economic independence and long-term commercial prospects.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C2][C2] Form 6-Ksince in a letter submitted to the GCA by Hapag-Lloyd and FIMI earlier in September 2026, Hapag-Llyod and FIMI indicated their intention to submit a revised proposal for the post-closing operations of Company’s business, but since no such detailed revised proposal was submitted to the GCA by the deadline previously set by the GCA for responses to the GCA’s information request, the GCA has determined to cease handling the pending application for approval of the requested changes in the special state share, which was submitted for its approval back in March 2026.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm Israel's veto costs Hapag-Lloyd nothing, and insiders sold below the offer. [C13][C13] Proxy statement, termination fee(x) certain regulatory conditions (excluding those relating to the Special State Share Approval and Israeli regulatory laws (other than the Israeli Economic Competition Law 5748-1988)) will not have been satisfied, but (y) all other conditions to closing set forth in the merger agreement will have been satisfied or waivedZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C38][C38] Form 4, Table IOrdinary Shares 08/21/2026 S 20,748 (3) D $ 28.2205 (4) 233,473 D Ordinary Shares 08/21/2026 S 233,473 D $ 28.2205 (4) 0 DForm 4 for Eli Glickman, former ZIM chief executive, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000763/xslF345X06/primary_doc.xml [C41][C41] Form 4, Table IOrdinary Shares 08/24/2026 S 12,084 (3) D $ 28.8 0 DForm 4 for Xavier Destriau, ZIM chief financial officer, filed August 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000770/xslF345X06/primary_doc.xml Without the deal, the stock rests on profits that swing with freight rates. Its adjusted numbers also leave out deal costs it pays either way. [C48][C48] Results release, six monthsTotal revenues were $3.18 billion for the first half of 2026, compared to $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C74][C74] Results release, headlineQ2 EBITDA and Net Income, adjusted for costs related to the pending Hapag-Lloyd transactionZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm We think the deal will not close by February 17, 2027. We would be wrong if Israel approves a new plan within weeks and the other approvals are done. [C16][C16] Proxy statement, terminationthe closing has not occurred on or before February 17, 2027, subject to an automatic extension to June 30, 2027 (such applicable date, the “outside date”), if all of the conditions to closing, other than those related to (i) the making, expiration, termination or obtaining of applicable filings, registrations, waiting periods and approvals under applicable regulatory laws (the “other required regulatory approvals”) and the Special State Share ApprovalZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm [C4][C4] Form 6-KHapag-Lloyd informed the Company that it intends to submit a revised proposal and seek approval from the GCA and the State of Israel in connection with the special state share and the pending merger transaction.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm [C19][C19] Proxy statement, conditions(iii) the receipt of required regulatory approvals under applicable competition and foreign investment laws (approximately forty required regulatory clearances)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

What Hapag-Lloyd and FIMI will offer Israel in the new plan, and when. We also do not know if it changes the $35 price. [C3][C3] Form 6-Ksuch proposal would need to be filed in full detail in order to enable the GCA and the State of Israel to make an informed decision with respect to such application and proposal.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm [C4][C4] Form 6-KHapag-Lloyd informed the Company that it intends to submit a revised proposal and seek approval from the GCA and the State of Israel in connection with the special state share and the pending merger transaction.ZIM Integrated Shipping Services Form 6-K on the Israeli Government Companies Authority letter, filed September 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004656/zk2636172.htm [C5][C5] Proxy statement, questions and answerswill be converted into the right to receive $35.00 in cash, without interest and less any applicable withholding taxes.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

Whether Israel has set a deadline to decide, and whether the ministries have changed their view. ZIM said only that no formal decision was made. [C67][C67] Interim financial statements, Note 1several governmental offices of the State of Israel, including the Ministry of Defense and the Ministry of Economy and Industry, provided professional opinions expressing their objections to the proposed merger in its current structure, based on concerns regarding potential risks to the state’s national security, economic independence and long-term commercial prospects.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C68][C68] Interim financial statements, Note 1However, as of the date of the publication of these financial statements, no formal decision of the State of Israel was made and no such formal decision was delivered to the parties to the merger with respect to the proposed merger.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm

How many of the about forty other approvals are done. No ZIM filing since the vote gives a count. [C19][C19] Proxy statement, conditions(iii) the receipt of required regulatory approvals under applicable competition and foreign investment laws (approximately forty required regulatory clearances)ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

Whether the two sides would extend past June 30, 2027. Only a written change to the deal could do that, and none has been filed. [C16][C16] Proxy statement, terminationthe closing has not occurred on or before February 17, 2027, subject to an automatic extension to June 30, 2027 (such applicable date, the “outside date”), if all of the conditions to closing, other than those related to (i) the making, expiration, termination or obtaining of applicable filings, registrations, waiting periods and approvals under applicable regulatory laws (the “other required regulatory approvals”) and the Special State Share ApprovalZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

How much the deal will cost ZIM in total, and whether any rival bidder exists. The proxy puts the banker's fee at about $14 million, mostly paid only if the deal closes. [C80][C80] Proxy statement, opinion of EvercoreZIM has agreed to pay Evercore a fee for its services in the aggregate amount of approximately $14 million, of which (i) $1 million became payable prior to the delivery of Evercore’s opinion, (ii) $3 million was payable upon delivery of Evercore’s opinion, and (iii) the remainder of which is payable contingent upon the consummation of the merger.ZIM notice and proxy statement for the special general meeting on the Hapag-Lloyd merger, Exhibit 99.1 to Form 6-K, March 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326001558/exhibit_99-1.htm

Whether the board will pay a dividend on third-quarter results. We also do not know how much of the stronger second half is locked in. [C33][C33] Results release, chief financial officerThis anticipated improvement would enable our Board of Directors to consider declaring a dividend to shareholders based on our third-quarter results.ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm [C77][C77] Results release, headlinePositive H1 Adjusted Net Income with significantly stronger performance expected in H2ZIM second-quarter 2026 results release, Exhibit 99.1 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-1.htm

Why the former chief executive and others sold below the offer. Their filings give no reason. [C38][C38] Form 4, Table IOrdinary Shares 08/21/2026 S 20,748 (3) D $ 28.2205 (4) 233,473 D Ordinary Shares 08/21/2026 S 233,473 D $ 28.2205 (4) 0 DForm 4 for Eli Glickman, former ZIM chief executive, filed August 24, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000763/xslF345X06/primary_doc.xml [C41][C41] Form 4, Table IOrdinary Shares 08/24/2026 S 12,084 (3) D $ 28.8 0 DForm 4 for Xavier Destriau, ZIM chief financial officer, filed August 26, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000197640826000770/xslF345X06/primary_doc.xml

Whether the union dispute has ended, and whether MSC would end the partnership after a takeover. The filings describe the risk only. [C69][C69] Interim financial statements, subsequent eventsthe employees’ union undertook certain strike measures that caused temporary interruptions, which as of today has had no material impact on the Company’s activities.ZIM interim financial statements for the period ended June 30, 2026, Exhibit 99.2 to Form 6-K, August 19, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326004191/exhibit_99-2.htm [C71][C71] Form 20-F, operational partnershipsin the event of change of control, the other party may terminate the agreement by providing a six-month noticeZIM annual report on Form 20-F for 2025, filed March 9, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1654126/000117891326000784/zk2634463.htm