According to Israeli leading financial newspaper Globes, German shipping giant Hapag-Lloyd has submitted a bid to acquire Israeli shipping ZIM.

The bid is still in its early stages and no negotiations have begun between the two sides, according to the report. According to the report, ZIM, has a 2.5% share of the container shipping market, has already attracted the interest of several industry players. The Israeli shipping company declined to comment.

It is reported that the industry leaders, MSC and Maersk, which control 20.2% and 14.3% of the global container shipping market, respectively have also expressed interest in acquiring ZIM, which has a market value of $2.4 billion.

Previously, ZIM's CEO Eli Glickman and magnate Rami Ungar had both submitted bids.

Hapag-Lloyd's move is particularly notable because its equity structure includes major shareholders such as Qatar LLC (12.3%) and the Saudi Arabia's sovereign wealth fund PIF (10.2%).

ZIM's board of directors had previously that it would conduct a strategic review of the preliminary acquisition proposal submitted by Glickman and Ungar to purchase all of the issued ordinary shares.

ZIM's committee expressed strong opposition to a possible acquisition by the German shipping company, urging the Transport Minister to block the deal, warning that the German shipping giant's ties to Qatari Saudi money could jeopardize Israel's supply chain.