Unilever Food Arm to Join McCormick in $44.8 Billion Deal (3)

Unilever Plc agreed to combine its food business with spice maker McCormick & Co. in a $44.8 billion deal that will create a global seasonings, sauces and condiments company.

Under the agreement, McCormick will pay the Anglo-Dutch company $15.7 billion and the equivalent of $29.1 billion McCormick shares for most of Unilever’s food business. That will leave Unilever and its shareholders with 65% of the combined entity, including McCormick brands like French’s mustard.

The deal is the biggest in the histories of both companies and will help recast Unilever as a global leader in beauty, personal and home care while ...