Shares of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) rose 4% on Thursday after Globes reported that German shipping heavyweight Hapag-Lloyd (TG:HLAG) has made a preliminary acquisition bid for the company.

According to the report, the offer remains at an early stage, and formal negotiations have not yet begun. ZIM—currently the world’s ninth-largest container carrier with a 2.5% market share—has reportedly attracted attention from multiple potential buyers. The Israeli firm declined to comment on the developments.

Industry leaders MSC and Maersk, which control 20.2% and 14.3% of the global container shipping market respectively, have also been mentioned as possible suitors. ZIM’s current market capitalization stands at roughly $2.4 billion.

The takeover interest comes shortly after ZIM CEO Eli Glickman and shipping tycoon Rami Ungar submitted their own bid to acquire the company.

Hapag-Lloyd’s interest is drawing additional scrutiny because of the company’s shareholder structure, which includes major stakes held by Qatar Holding LLC (12.3%) and Saudi Arabia’s Public Investment Fund (10.2%). ZIM’s workers committee has voiced opposition to a potential acquisition by the German carrier, which holds a 7.4% share of the global container shipping market.

ZIM’s board previously announced a strategic review after receiving the preliminary proposal from Glickman and Ungar to purchase all outstanding ordinary shares.

ZIM Integrated Shipping stock price

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