An unknown buyer acquire a 4.2% stake in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) from Kenon Holdings Ltd. (TASE:KEN) for approximately $110 million on June 6, 2024. In related transaction, Kenon Holdings has entered into a collar transaction with an investment bank relating to an additional 5,000,000 ZIM ordinary shares. Prior to these transactions, Kenon held 24,843,478 shares in ZIM, representing 20.7% of ZIM?s outstanding shares. The collar transaction involves the purchase of a put option from the Collar Counterparty at an exercise price representing a discount to yesterday?s closing price and the grant of a call option to the Collar Counterparty at an exercise price representing a premium to yesterday?s closing price. The collar transaction has a two year term with settlement either in cash or in the ZIM shares. The collar transaction enables Kenon to retain exposure to potential upside in ZIM?s shares up to the call price, while limiting the impact of potential decline in the share price. The collar arrangement will provide for cash proceeds of approximately $155 million in the event the call option is exercised and cash proceeds of approximately $100 million to Kenon in the event the put option is exercised, in each case assuming share settlement.

An unknown buyer completed the acquisition of a 4.2% stake in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) from Kenon Holdings Ltd. (TASE:KEN) on June 6, 2024.