Unilever CEO Fernando Fernández defended the $66bn McCormick deal against investor concerns about "change fatigue," declaring "I'm not paid to be lazy." The Dove and Marmite maker's share price remains 7% below pre-announcement levels as market worries persist about the new entity's debt burden and organizational upheaval after recent corporate restructuring.

The deal will create a food giant with $20bn annual revenues and 4 times leverage. Fernández, who replaced predecessor Hein Schumacher last year, has driven an aggressive corporate culture overhaul that addresses shareholder criticism of Unilever's historically slow-moving operations. Activist investor Nelson Peltz has long agitated for a break-up of the conglomerate.

Neither set of shareholders appears satisfied with the arrangement. Unilever will receive $15.7bn in cash for share buybacks, but McCormick's stock has fallen 13% since the announcement. Bernstein analysts question whether Unilever can reduce leverage to 3 times within two years, calling it "a stretch too far" for investors fearing execution missteps could escalate debt.