On 31 March 2026, McCormick & Company and Unilever PLC announced a definitive agreement to combine Unilever's entire Foods business — including Knorr, Hellmann's, Marmite, and Colman's — with McCormick in a Reverse Morris Trust transaction valuing Unilever Foods at approximately $44.8 billion, creating a combined entity with roughly $20 billion in annual revenue. (McCormick Investor Relations) Under the terms, McCormick pays $15.7 billion in cash plus $29.1 billion in shares, with Unilever shareholders retaining 55.1% of the combined company; the deal is the second-largest food transaction in history and expected to close by mid-2027 pending shareholder and regulatory approvals. (Bloomberg) The transaction excludes Unilever's food operations in India, Nepal, and Portugal, as well as Lipton Ready-to-Drink and its Lifestyle Nutrition business.
Aurelane’s read
When two of the largest food platforms in the world combine, the second-order effects show up in distributor offices in Lagos, Jakarta, and Lima long before they show up in shareholder letters. Knorr and Hellmann's route-to-market relationships will be renegotiated; shelf space will be reallocated; private-label conversations will reopen. The brands that benefit are those that already have direct relationships with regional distributors — not those that depend on a single multinational partner.
Sources
- McCormick Investor Relations – McCormick to Combine with Unilever's Foods Business (official press release)
- Bloomberg – McCormick Acquires Unilever Food Arm in $44.8 Billion Merger
- Food Navigator – Unilever Says McCormick Deal Could Close Today
- Reuters / US News – Unilever and McCormick Agree to Food Business Deal