Spice maker McCormick to combine with Hellmann's maker Unilever in latest food industry shakeup
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Spice and flavorings company McCormick is combining with Unilever’s foods division, which includes household names like Hellmann’s and Knorr. The combined company will maintain McCormick’s name and leadership. But upon closing, Unilever and its shareholders are expected to own 65% of the food company’s outstanding equity, amounting $29.1 billion. Unilever would also get $15.7 billion in cash. Meanwhile, McCormick shareholders will own 35.0%. Unilever and McCormick confirmed they were in talks about a deal earlier this month, with Unilever attempting to streamline its business and focus on beauty and personal care products.
