Golden share could go in ZIM restructuring

Israel’s government may waive its golden share in shipping line Zim in exchange for contracts with the company under a proposed restructuring plan that will see the shareholding of Israel Corp., the line’s controlling shareholder cut from 99.7% to around 32%.

The golden share was granted in 1995 and provides veto power for the government on certain strategic matters, among them change of ownership.

Triggered by the move, a legal challenge has been mounted by the country’s National Naval Officers Association against the shipping line, Israel’s ministers of finance and transportation and the Government Companies Authority.