Further to the announcement released on 20 March 2026, the Board of Unilever PLC (LON:ULVR) has noted recent media speculation regarding a potential strategic transaction involving elements of its Foods business.
The Company is now in advanced discussions with McCormick & Company (“McCormick”) regarding a potential transaction. Work remains ongoing to agree and finalise a transaction and it is possible that an agreement could be concluded today, although there can be no certainty that a transaction will be agreed.
If a transaction were to proceed, it is currently contemplated that it would involve a combination of Unilever Foods (excluding parts of its Foods portfolio such as its business in India) with McCormick, with an upfront cash component of approximately US$15.7 billion and the majority of the consideration in McCormick equity. Upon completion of the transaction, it is expected that Unilever and its shareholders would hold 65% of the combined company. The transaction would be undertaken by a Reverse Morris Trust, which is intended to be tax-free for US federal income tax to Unilever and its shareholders. Full terms will be announced if a transaction is agreed.
