McCormick Acquires Unilever Food Arm in $44.8 Billion Merger (4)

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 $15.7 billion in cash and the equivalent of $29.1 billion in shares for most of Unilever’s food business. That will leave Unilever and its shareholders with 65% of a combined entity that owns brands like French’s mustard and Hellmann’s mayonnaise.

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 ...