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Unilever, McCormick agree deal to create $65 billion food giant

On Tuesday, Baltimore County-based McCormick & Co. announced plans to merge with Unilever in a $20 billion deal structured as a Reverse Morris Trust, with Unilever shareholders retaining 65% equity in the combined entity.
Unilever is shifting focus toward beauty and wellness as food division sales growth has lagged, driven by years of investor pressure to streamline the company's sprawling portfolio.
Analysts estimate the combined entity value could exceed $60 billion, including a $15.7 billion cash component for Unilever. Knorr and Hellmann's brands comprise approximately 70% of the food division's sales.
Pending shareholder and regulatory approval, the transaction is expected to close by mid-2027, with the combined company maintaining the McCormick name and existing leadership.
McCormick CEO Brendan Foley stated the merger will "enable us to deliver flavor in new and exciting ways," noting the portfolio aligns with consumer trends toward home cooking and health priorities.

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