British consumer goods giant Unilever said Tuesday it could agree a multibillion-dollar deal in the coming hours with US spices maker McCormick & Company to spin off most of its food business.
Unilever, whose food brands include Hellmann's mayonnaise and Knorr seasonings, first disclosed the possible deal on March 20.
McCormick, whose brands including Schwartz seasonings and Ducros herbs, would pay $15.7 billion (£11.9bn) in cash plus shares to form a new combined group worth a reported $60 billion, Unilever said in a statement.
"Upon completion of the transaction, it is expected that Unilever and its shareholders would hold 65 percent of the combined company," said the latest statement, adding that "it is possible that an agreement could be concluded today".
A combination would exclude Unilever's food business in India.
McCormick, yet to update on the talks, had sales in 2025 of about $7 billion, according to its website.
Unilever is prioritising its personal care and beauty divisions, which include brands like Dove soap and Cif surface cleaner, under chief executive Fernando Fernandez.
Last year, it spun off its ice cream division, which included Magnum ice cream and the Ben & Jerry's brand.
Changes at Unilever in 2025 included major job cuts and Fernandez taking over as CEO after serving as the company's chief financial officer.
Last week, the company has implemented a global hiring freeze "at all levels" that will last at least three months, citing the effects of the widening conflict in the Middle East.
As well as overseeing the ice cream spinoff, Fernandez has focused on growing sales in the US and India.
Unilever last year posted a small rise in annual profits to €5.7 billion (£4.95bn).
(AFP)