ZIM Integrated Shipping sold for $4.2bn

BY Richard Summerfield           

Container shipping group Hapag-Lloyd has agreed to acquire its rival ZIM Integrated Shipping Services in a deal worth $4.2bn. The deal will consolidate Hapag-Lloyd’s position as one of the world’s biggest ocean shipping companies.

Under the terms of the deal, Hapag-Lloyd will acquire ZIM for $35 per share in cash. The total transaction represents an equity value of approximately $4.2bn, and the price per share represents a 58 percent premium to ZIM’s stock price on 13 February 2026, a 90 percent premium to ZIM’s 90-day volume-weighted average price and a 126 percent premium to ZIM’s unaffected stock price of $15.50 on 8 August 2025, prior to market speculation first emerging.

The transaction has been unanimously approved by ZIM’s board of directors and is expected to close by late 2026, subject to approval by ZIM shareholders and upon satisfaction of customary closing conditions, including approvals by regulatory authorities and the state of Israel pursuant to the requirements of the ‘special state share’.

“I am incredibly proud of the strategic transformation we have executed at ZIM over recent years, which has generated exceptional value for our shareholders,” said Eli Glickman, president and chief executive of ZIM. “Since I joined the Company in 2017, ZIM has progressed from a position of negative equity to become an industry leader with strong financial and operational performance. Since our IPO in January 2021, we have distributed an extraordinary $5.7 billion in dividends to shareholders. Upon completion of this transaction, total capital returned will be approximately $10 billion, representing more than five times the Company’s initial market value five years ago, or approximately 45 times the capital raised at the IPO.

Mr Glickman credited the company’s success to the professionalism and commitment of its team. He highlighted fleet modernisation with 46 new ships and ZIM’s early adoption of liquefied natural gas-powered vessels, now about 40 percent of its capacity. He also noted strategic investment of over $1bn since 2021 in vessels and equipment, growth in car carrier operations, and new LNG supply agreements with Shell. He further stressed ZIM’s leadership in digital tools, data analytics, business intelligence and AI, which enhance efficiency and customer experience.

“Our agility and proactive decision-making have enabled us to implement critical strategies that position ZIM as a market leader in container shipping, with industry-leading EBIT margins and making ZIM a compelling acquisition target,” added Mr Glickman.

“Today’s announcement is the culmination of a thorough strategic review carried out by ZIM’s Board of Directors,” said Yair Seroussi, chairman of the board at ZIM. “We believe this represents the most prudent and beneficial transaction for all ZIM stakeholders. The decision to enter into a transaction with Hapag-Lloyd reflects our commitment to maximizing value for shareholders through a competitive bidding process, while ensuring the best possible outcome for the Company, our employees and the State of Israel.”

“ZIM is an excellent partner for Hapag-Lloyd,” said Rolf Habben Jansen, chief executive of Hapag-Lloyd. “Customers will benefit from a significantly strengthened network on the Transpacific, Intra Asia, Atlantic, Latin America and East Mediterranean. We share the same ambitions: great customer service, outstanding operational quality, and a commitment to digital innovation – all powered by the expertise and passion of our people worldwide.

“We will use this opportunity to create the best team from the exceptional talent in ZIM and Hapag-Lloyd – in Israel and around the globe – and we commit ourselves to build a very substantial and long-term presence in Israel,” he continued. “Together, we will set new benchmarks of excellence and secure our position as the undisputed number one for quality in our industry”

News: Hapag-Lloyd buys Israel's ZIM Integrated Shipping for $4.2 billion

Store operator of Eddie Bauer files for Chapter 11 bankruptcy

BY Richard Summerfield

Eddie Bauer LLC, operator of Eddie Bauer stores in the US and Canada and a licensee of the Eddie Bauer brand, filed for Chapter 11 bankruptcy protection on Monday, 9 February 2026, in the US Bankruptcy Court for the District of New Jersey. The company cited declining sales and supply chain challenges and outlined a court‑supervised process to solicit bids for approximately 175 to 180 stores while maintaining operations during the case.

The company has filed customary motions seeking ‘first day’ relief, including approval to use cash collateral to pay wages and benefits in the ordinary course and to fund operations through Chapter 11. The filing is the third insolvency for the Eddie Bauer business in just over two decades, following a 2003 case tied to Spiegel Inc and a 2009 restructuring that culminated in a sale to Golden Gate Capital. In 2021, the operating company was sold to SPARC Group Holdings and the brand’s intellectual property to an affiliate of Authentic Brands Group.

In January 2025, SPARC Group and JCPenney combined to form Catalyst Brands, which licensed North American brick‑and‑mortar retail rights to Eddie Bauer from Authentic. According to the filing, Eddie Bauer retail locations outside the US and Canada are operated by other licensees, are not included in the Chapter 11 proceedings, and will continue to trade in the ordinary course. Court papers indicate total funded debt of about $1.7bn.

The company said its financial headwinds were exacerbated by tariff uncertainty and inflation, alongside weaker demand for outdoor apparel since the pandemic surge. Throughout the Chapter 11 process, most retail and outlet stores will remain open. The company has commenced store‑closing sales at many locations while running a sale process. If a buyer for part or all of the retail footprint does not emerge, the US and Canadian stores operated by the LLC could close. The company is currently unable to provide a timetable for individual closures. The operations of other brands in the Catalyst Brands portfolio are not affected and continue in the normal course, according to a statement announcing the filing.

“Even prior to the inception of Catalyst Brands last year, the Retail Company was in a challenged situation, with declining sales, supply chain challenges and other issues,” said Marc Rosen, chief executive of Catalyst Brands. “Over the past year, these challenges have been exacerbated by various headwinds, including increased costs of doing business due to inflation, ongoing tariff uncertainty, and other factors. While the leadership team at Catalyst was able to make significant strides in the brand, including rapid improvements in product development and marketing, those changes could not be implemented fast enough to fully address the challenges created over several years.”

Mr Rosen explained that the Retail Company had explored all available options and taken steps to strengthen its future prospects, including transferring its e‑commerce and wholesale operations to Outdoor 5 LLC. After extensive consideration, the company decided to file for Chapter 11 in order to carry out a court‑supervised sale process and seek a buyer willing to keep the business operating. He noted that if such an agreement cannot be reached, the company will proceed with an orderly wind‑down of its store operations.

Mr Rosen also acknowledged that the decision was difficult and expressed appreciation for the loyalty and trust shown by the Retail Company’s employees and customers. He said the organisation is working to limit the impact on staff, vendors, customers and other stakeholders. He added that, despite the challenges, the restructuring represents the most effective path to protect stakeholder value while ensuring that Catalyst Brands remains profitable with strong liquidity and cash flow.

Eddie Bauer LLC operates about 175 stores across 40 states and Canada and employs roughly 2200 people. The company benefitted from renewed interest in the outdoors during the pandemic and posted positive earnings before interest, taxes, depreciation and amortisation of $21m during the last eight months of 2021; however, its resurgence did not last. The company lost $2m in 2022, $10m in 2023, $82m in 2024 and $80m in 2025.

News: Eddie Bauer store operator files for bankruptcy, seeks sale

Texas Instruments acquires Silicon Labs in $7.5bn deal

BY Fraser Tennant

In a deal designed to expand its wireless connectivity and internet of things portfolio, US multinational semiconductor company Texas Instruments will acquire smart homes mixed-signal chipmaker Silicon Labs for approximately $7.5bn.

Under the terms of the definitive agreement, Texas Instruments will acquire Silicon Labs for $231 per share in an all-cash transaction – its biggest acquisition since the $6.5bn deal for National Semiconductor in 2011.

The combined company will create a global leader in embedded wireless connectivity solutions by combining Silicon Labs’ strong portfolio and expertise in mixed signal solutions with Texas Instruments’ leading analogue and embedded processing portfolio and internally owned technology and manufacturing capabilities.

“The acquisition of Silicon Labs is a significant milestone that strengthens our long-term embedded processing strategy,” said Haviv Ilan, chairman, president and chief executive of Texas Instruments. “Silicon Labs’ leading embedded wireless connectivity portfolio enhances our technology and intellectual property, enabling greater scale and allowing us to better serve our customers.

“Texas Instruments' industry-leading and internally owned technology and manufacturing is optimised for Silicon Labs' portfolio, and will provide customers dependable supply worldwide,” he continued. “I am highly confident this transaction positions the combined company to deliver sustained value creation for Texas Instruments’ shareholders.”

The transaction – which is expected to generate $450m in annual manufacturing and operational synergies within three years post-close – has been unanimously approved by the board of directors of both companies.

“Texas Instruments and Silicon Labs share a strong Texas heritage and a long-term commitment to building technology companies the right way,” said Matt Johnson, president and chief executive of Silicon Labs. “Over the last decade, Silicon Labs has delivered double-digit growth, driven by the accelerating demand for more connected devices.”

The transaction is expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders.

“The opportunity ahead is significant for both Texas Instruments and Silicon Labs,” concluded Mr Johnson. “By combining our embedded wireless connectivity portfolio with Texas Instruments’ scale, technology and manufacturing capabilities, we will be positioned to serve more customers and accelerate innovation.”

News: Texas Instruments strikes $7.5 billion deal for Silicon Labs to boost wireless footprint

Klöckner Pentaplast emerges from Chapter 11

BY Fraser Tennant

With the support of new ownership and a significantly strengthened financial foundation, plastic packaging products manufacturer Klöckner Pentaplast (kp) has successfully completed its restructuring and emerged from Chapter 11 bankruptcy. 

The company’s exit from Chapter 11 – a process commenced after the company entered a restructuring support agreement with most of its financial stakeholders in November 2025 – follows an injection of €349m in new capital as part of its plans to stabilise ongoing operations.

With the financial restructuring process concluded, kp emerges having eliminated approximately €1.3bn of funded debt. Thus, with a significantly strengthened balance sheet and enhanced financial flexibility, kp enters its next phase with confidence and is well prepared to drive results.

“We emerge from the Chapter 11 process as a financially stronger company,” said Roberto Villaquiran, chief executive of kp. “I am energised by the opportunities ahead, and I am highly confident that our talented teams will continue to build on our leading product portfolio and global presence.”

In connection with its emergence, kp has executed a transition of ownership of the company to a group of its financial partners led by funds affiliated with Redwood Capital Management, LLC. The new ownership structure has seen Mr Villaquiran and Michael Kaufman, a partner at Redwood Capital Management, appointed to kp’s board of directors, while industry leader Andrew Berlin is expected to be appointed to the board as chairman in the near term.

“We are grateful for the support of our new owners, who continue to demonstrate their confidence in our business and future prospects as we deliver innovative and sustainable packaging and film solutions to customers globally,” added Mr Villaquiran.

Founded in 1965, kp has 27 plants in 16 countries and employs over 5000 people committed to serving customers worldwide in over 60 locations. Having celebrated its 60th anniversary in 2025, the company remains focused on meeting and exceeding customer expectations with agility and excellence, while helping support the transition to a more circular economy.

I am proud of our dedicated employees for their relentless commitment to providing excellent service for our customers,” concluded Mr Villaquiran. “We also appreciate our global customers, vendors, suppliers and business partners for their tremendous support, and look forward to working together as we embrace a new chapter of partnership and value creation.”

News: Klöckner Pentaplast cuts €1.3bn in debt through Chapter 11 restructuring

Devon Energy and Coterra agree $58bn all-stock deal

BY Richard Summerfield

US shale producers Devon Energy and Coterra Energy have announced the first large oil & gas deal of 2026 - a $58bn all-stock merger which will create a new sector giant.

Under the terms of the deal, Coterra shareholders will receive 0.70 Devon shares for each share held. Devon ⁠will own roughly 54 percent of the combined company. The transaction has an equity value of $21.4bn.

Unanimously approved by the boards of directors of both companies, the deal is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions, including approvals by Devon and Coterra shareholders. The deal is the largest in the sector since Diamondback’s $26bn acquisition of Endeavor Energy Resources in 2024.

According to a statement announcing the merger, the combined company will be named Devon Energy and headquartered in Houston while maintaining a significant presence in Oklahoma City. Clay Gaspar, president and chief executive of Devon, will lead the company, while Tom Jorden, chairman, chief executive and president of Coterra, will become non-executive chairman.

The formation of this new combined company is expected to unlock substantial value by leveraging each company’s core strengths and through the realisation of $1bn in annual pre-tax synergies. The realisation of synergies, technology-driven capital efficiency gains and optimised capital allocation will drive near and long-term per share growth.

“This transformative merger combines two companies with proud histories and cultures of operational excellence, creating a premier shale operator,” said Mr Gaspar. “We’ve now built a diverse asset base of high-quality, long duration inventory to drive resilient value creation and returns for shareholders through cycles. Underpinned by our leading position in the best part of the Delaware Basin, and a deep set of complementary assets, we expect to capture annual pre-tax synergies of $1 billion. This will drive higher free cash flow and greater shareholder returns beyond what either company could achieve alone.”

“This combination enhances the Delaware and brings together two premier organizations with complementary cultures rooted in operational excellence, disciplined capital allocation, and data-driven decision-making focused on creating per share value,” said Mr Jorden. “The combined company will offer best-in-class rock quality and inventory depth, supported by a balanced commodity mix, leading cost structure, and a conservative balance sheet. Devon Energy will be strongly positioned to deliver top-tier capital efficiency gains and consistent profitable per share growth through the commodity cycles.”

Upon completion, the newly combined company will be one of the world’s leading shale producers, with pro forma third quarter 2025 production exceeding 1.6 million barrels of oil equivalent (boe) per day, including over 550,000 barrels of oil per day and 4.3 billion cubic feet of gas per day.

The combined company’s portfolio will be anchored by acreage in the Delaware Basin, complemented by a balanced and diversified product mix that positions the company to deliver a resilient free cash flow profile. The company will also be one of the largest producers in the Delaware Basin, with pro forma third quarter 2025 production of 863,000 boe per day distributed across nearly 750,000 net acres.

News: Devon, Coterra merge to create U.S. shale giant in $58 billion deal