Businessman Haim Sakal, who recently submitted a US$4.5 billion bid to acquire Zim, is facing foreclosure proceedings over a property in Herzliya Pituach, according to Israeli business newspaper Calcalist. Rival takeover bid disrupts ZIM’s planned merger with Hapag-Lloyd The Haifa District Court appointed a receiver after financing company Extra Credit sought to recover a debt of around NIS 15 million. A foreclosure order was issued on 7 June. Sakal’s offer exceeded the US$4.2 billion acquisition agreed between Zim, Hapag-Lloyd and FIMI. However, Zim’s board did not consider the proposal because it had already signed the transaction. According to Calcalist, Sakal did not disclose the financing behind his offer. The report also said he had recently explored a potential acquisition of Arkia Airlines. Sakal is negotiating with Extra Credit to settle the debt. The proposed settlement would see him repay about NIS 13 million in exchange for reduced interest charges. Sakal also expects to receive a commission from a mining deal in Africa, which he believes would enable him to repay the debt. Sakal said: “The report contains inaccuracies. The family has always stood behind its companies and all their commitments.” The post Zim bidder faces foreclosure despite US$4.5 billion takeover offer appeared first on Container News .