PRESS: Unilever puts Colman’s on sale ahead of McCormick merger – Sky

Unilever PLC is putting mustard brand Colman’s up for sale, to clear the way for a USD48 billion deal with US condiments brand McCormick & Co Inc, Sky News reported on Thursday.

London-based consumer goods company Unilever in March said it will separate its Foods business and combine it with Hunt Valley, Maryland-based McCormick in a deal valuing the business at USD44.8 billion.

Unilever and its shareholders are set to receive shares representing 65% of the combined company, alongside USD15.7 billion in cash. Unilever will retain a 9.9% stake, which it intends to sell over time.

According to Sky News, Unilever has told bankers to look for a buyer for Colman’s, the mustard company founded in 1814, with investment bank Rothschild understood to have started contacting possible buyers.

This is to avoid any conflict arising from McCormick’s ownership of the mustard brand French’s, sources close to the matter said, though they also noted that the value of Colman’s was “not material”.

An invitation for comments on the proposed deal between Unilever and McCormick was issued by the UK Competition and Markets Authority last month and closed on August 5.

Also in July, McCormick revealed plans for a secondary share listing in London, after agreeing to merge with Unilever’s food business. Unilever said the separation and integration process is moving ahead, with completion expected by the middle of 2027 at the latest.

The deal follows Unilever’s spin-off of Magnum Ice Cream Co NV, back in December.

Unilever shares were down 1.4% at 4,705.75 pence on Thursday afternoon in London, for a market capitalisation of £101.32 billion.

McCormick traded 1.9% lower at USD54.06 per share during pre-market dealings in New York, for a market cap of USD14.82 billion.

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