A group of ZIM shareholders is calling for any materially revised transaction with Hapag-Lloyd and FIMI to be submitted to shareholders for approval, adding another potential hurdle to the proposed US$4.2 billion deal. The group, which says it represents more than 10% of ZIM’s shares, has sent a letter to the container carrier’s board arguing that approval of a substantially revised transaction by the board alone would not be sufficient. The move follows the decision by Israel’s Government Companies Authority to conclude its review of the original transaction structure. The Authority has indicated that any new proposal would require a fresh review process. Shareholders challenge approval process According to Israeli financial newspaper Calcalist, the shareholders argue that the Authority’s reference to approval by ZIM’s “competent bodies” means a materially revised transaction should also be presented to the company’s general meeting. The demand does not establish that a new shareholder vote is legally required. Instead, it introduces a dispute over which corporate approvals would be necessary if Hapag-Lloyd and FIMI submit a substantially different structure. “Given that ZIM has raised the possibility of submitting a new or updated deal structure that differs materially from the original, the Authority requires that any such structure be subject to approval by ZIM’s competent bodies,” the shareholder group wrote, according to Calcalist. ZIM has previously disclosed that Hapag-Lloyd intends to submit a revised proposal and again seek approval from the Israeli state. The shareholders also called on ZIM’s board to seek the highest possible value for investors as the parties consider a revised structure. Revised proposal remains pending The development follows the Israeli Authority’s decision to close its review of the original structure of the US$4.2 billion transaction. Hapag-Lloyd and FIMI