UPDATE: Unilever notes progress on approvals for deal with McCormick

Unilever PLC on Wednesday said it is making progress on regulatory approvals globally regarding its multi-billion-pound plan to merger its Foods business with US firm McCormick & Co Inc.

The UK Competition & Markets Authority on Wednesday morning said that the planned deal between London-based consumer goods firm Unilever PLC and McCormick could weaken competition in the UK.

The CMA's announcement was in regard to the proposed £33.8 billion merger of Unilever's Foods business with Hunt Valley, Maryland-based condiment maker McCormick, which is expected to be completed by mid-2027.

The UK competition watchdog is considering whether to accept undertakings from the two companies to address its concerns, giving them until Wednesday next week to submit proposals. If no undertakings are offered, or if the undertakings offered are insufficient to address the CMA's concerns, it will refer the merger for an in-depth phase 2 investigation.

In response to an Alliance News request for comment, a Unilever spokesperson said: "This is an expected step in the regulatory process, and we are working constructively with the CMA on a suitable remedy. As announced in August, a decision had already been taken to market the Colman's brand and assets for sale to proactively address potential competition concerns. Discussions with potential buyers are progressing well.

"We continue to make good progress on regulatory approvals globally, reinforcing our confidence in a timely closing."

McCormick, which owns brands including French's mustard and Frank's Red Hot sauce, agreed in July to merge with Unilever's Foods business and seek a secondary listing in London.

Unilever is behind brands such as Knorr, Maille and Colman's, while in the UK, McCormick's consumer business includes the sale of dry ingredient mixes and sauces under the Schwartz brand.

Unilever shares were 0.5% lower at 4,916.00 pence each on Wednesday afternoon in London. McCormick shares were 0.7% lower at USD46.38 on Wednesday in pre-market trading in New York.

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