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The shipping industry is set to consolidate after Germany-based Hapag-Lloyd agreed to buy Israel’s ZIM Integrated Shipping Services for $4.2 billion.
Hapag-Lloyd XE:HLAG said it would pay $35 a share for New York Stock Exchange-listed ZIM ZIM, which closed Friday at $22.20.
Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.
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