Israel’s Government Companies Authority has ended its review of the original structure of the proposed $4.2 billion acquisition of ZIM by Hapag-Lloyd and FIMI, according to Calcalist. The decision does not formally reject the transaction. However, the original application is no longer considered valid, meaning that any materially revised structure would require a new application and a fresh review process. According to Calcalist, the Authority took the step after Hapag-Lloyd and FIMI indicated that they intended to submit a revised transaction structure but had not yet provided the required documentation. Revised deal would require new approvals The Authority has given ZIM the opportunity to submit a new application by 6 October. Any revised proposal would need to be comprehensive and detailed and first receive approval from the boards of ZIM, Hapag-Lloyd and FIMI, according to the report. The development puts the focus back on ZIM’s board, which would have to decide whether to continue pursuing the transaction with Hapag-Lloyd and FIMI under a revised framework. The original regulatory review had been underway since March. Calcalist reported that the Authority had received the positions of the relevant government bodies and was approaching the final stages of assessing the original structure before the process was terminated. The review is required because of the conditions attached to the Israeli state’s “golden share” in ZIM. Several Israeli government bodies have raised concerns about the transaction as originally structured, particularly over the operational independence and long-term viability of the proposed Israeli shipping business. The Finance Ministry and Prime Minister’s Office were among the bodies that recently opposed the existing structure, while indicating that a substantially revised proposal could be considered. Regulatory timetable comes under pressure Starting a new review could add further time to the approval process. According to Calcalist, a