UK CMA investigates GBP34 billion Unilever Foods spin-off to McCormick
(Alliance News) - The UK competition watchdog on Wednesday announced the launch of its investigation into the planned spin-off of Unilever PLC's Foods business spin-off to the US's McCormick & Co Inc.
The UK Competition & Markets Authority said it launched its phase 1 investigation on Wednesday and has until November 11 for its decision. The CMA is considering whether the planned deal could result in a substantial lessening of competition within any market in the UK for goods or services.
Back in July, Hunt Valley, Maryland-based condiment maker McCormick, which is behind French's mustard and Frank's Red Hot sauce, said it will seek a secondary share listing in London after agreeing to merge with Unilever's food business in a GBP33.8 billion deal.
The move will mark a welcome boost for London's equity markets, which have recently witnessed a dearth of listings and a raft of international takeovers to take firms private.
The deal is expected to be completed by the middle of 2027.
Unilever shares were down 1.4% to 4,575.50 pence each on Wednesday morning in London. McCormick shares had closed 1.1% lower at USD49.86 each on Tuesday in New York.
By Tom Budszus, Alliance News slot editor
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