On November 22, 2024, Kenon Holdings Ltd. announced its intention to sell additional shares in ZIM Integrated Shipping Services Ltd. and/or enter into derivative transactions for up to all of its remaining stake. This move underscores Kenon's ongoing strategy to divest its non-core shipping assets.
Kenon also terminated its existing Collar transaction related to 5 million ZIM shares and simultaneously entered into a cash settled capped call transaction for the same number of shares. As a result of the Collar termination, Kenon received cash proceeds of approximately $93 million, net of the cost of the capped call transaction.
This transaction further streamlines Kenon's portfolio, generating significant cash that can be redeployed into its core power generation businesses or returned to shareholders. Kenon now holds approximately 9.1 million ZIM shares, representing a 7.6% interest.
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