LONDON (dpa-AFX) - Unilever (UL, ULVR.L, UN, UNA.AS, UNVB.DE) is in advanced discussions to combine its food business with spice-maker McCormick & Company (MKC), according to a report from The Wall Street Journal. The potential transaction would create a new food giant valued at roughly $60 billion, including debt.
MKC closed Monday's regular trading at $53.72, up $0.65 or 1.22%. In overnight trading, the stock further gained $2.24 or 4.17%.
A cash-and-stock deal could be announced as early as Tuesday, coinciding with McCormick's quarterly earnings release. However, sources cautioned that the timeline could still shift.
The move represents a major strategic shift for Unilever, continuing the trend of consumer conglomerates streamlining their portfolios. If completed, the deal would leave U.K.-based Unilever focused on beauty, personal-care, and home products.
As part of the agreement, Unilever shareholders are expected to own about two-thirds of the new food business. The deal also includes a cash component of approximately $16 billion.
Last week, Unilever confirmed it had received an inbound offer for its Foods division and was in discussions with McCormick. McCormick separately confirmed that talks are underway regarding a potential strategic transaction involving Unilever's food business.
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