Unilever is nearing a landmark deal to merge its food division with McCormick, the spice and sauce giant, creating a $60bn food powerhouse. The merger, structured as a reverse Morris trust, will see Unilever shareholders retain ~66% ownership, while the remaining stake is acquired via cash. McCormick, valued at $14bn, gains access to Unilever’s global distribution network, particularly in emerging markets. Brands like Hellmann’s mayonnaise and French’s mustard will join McCormick’s portfolio, which includes Cholula hot sauce and Spice Islands.

The move signals Unilever’s accelerated pivot away from food toward beauty and personal care, following recent divestments of tea, ice cream, and snack brands.