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Unilever Announces Merger of Food Business with McCormick
April 1, 2026
Unilever announced an agreement to merge its global food business with spice maker McCormick & Company in a transaction valued at approximately $65bn. If completed, it would mark the second-largest in food industry history. Unilever’s food unit, home to brands like Knorr and Hellmann’s, is valued at $44.8bn. It is set to receive $15.7bn in cash and retain a minority stake, while its shareholders will hold the majority of the new entity. However, the merger excludes certain assets like Unilever’s India operations. The transaction is expected to close by mid-2027. Earlier this month, Kraft Heinz and Unilever held preliminary discussions about merging Unilever’s food business with Kraft Heinz’s condiments division. The talks have since ended without an agreement.
Unilever’s dollar bonds were trading stable with its 5.9% 2032s at 108.3, yielding 4.4%.
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