McCormick plans to add London listing amid Unilever food merger
Condiment firm McCormick & Co Inc has said it will seek a secondary share listing in London after agreeing to merge with Unilever PLC's food business in a £33.8 billion deal.
The move will mark a welcome boost for London's equity markets, which have recently witnessed a dearth of listings and a raft of international takeovers to take firms private.
On Thursday, the company behind French's mustard and Frank's Red Hot sauce said it plans to admit shares on the London Stock Exchange.
The Hunt Valley, Maryland-based company said it will retain its main listing on the New York Stock Exchange but hopes the secondary listing will boost capital flows and improve liquidity for shareholders.
Brendand Foley, chair, president & chief executive of McCormick, said: "This, in combination with our International Headquarters and commitment to Unilever's world-leading research & development facilities in the Netherlands and our global headquarters in Hunt Valley, Maryland, reinforces the global nature of the combined operations and positions us for ongoing success."
The listing plan comes after McCormick agreed the deal to buy Unilever's food arm, including brands such as Hellmann's, Marmite and Colman's, in March.
Unilever will receive about USD15.7 billion of cash upfront and equity in McCormick as part of the deal.
Unilever and its shareholders will also retain a 65% stake in the Unilever Foods business, with Unilever shareholders owning 55.1% of the business and the Unilever itself retaining a 9.9% stake.
The move is expected to complete around the middle of 2027.
The combined company said it hopes to secure around USD600 million of cost efficiencies each year as a result.
McCormick said it plans to reorganise its operations into four divisions after the deal completes: Americas consumer, international consumer, global food service and global flavour.
It comes days after the UK competition watchdog, the Competition & Markets Authority, said it was seeking views over the deal.
Unilever shares fell 1.8% to 4,532.50 pence each on Thursday afternoon in London. McCormick shares had closed 0.6% lower at USD52.02 each on Wednesday in New York.
By Henry Saker-Clark, Press Association Deputy Business Editor
Press Association: Finance
source: PA
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