McCormick to list on London Stock Exchange after Unilever Foods merger closes

McCormick ↘ 1.97% announced on Wednesday that it will pursue a secondary share listing on the London Stock Exchange once its planned combination with Unilever's ↘ 0.64% food business closes, while retaining its primary listing on the New York Stock Exchange. The company also unveiled a new four-division operating structure for the combined entity, which is expected to generate more than $20 billion in annual revenue.Finimize+2

The announcement marks the most detailed blueprint yet for how the Maryland-based spice and condiment maker intends to integrate the Unilever Foods portfolio — which includes Hellmann's, Knorr, Marmite, and Colman's — into a single global organization.

A Four-Division Structure

Under the new operating model, the combined company will be organized into four segments: Americas Consumer, International Consumer, Global Food Service, and Global Flavor. Based on 2025 annual sales figures, those divisions account for roughly $8 billion, $7 billion, $4 billion, and $2.5 billion respectively, according to McCormick's disclosure.Stock Titan+1

The London listing is designed to maintain continuity for European investors in what was previously Unilever's food arm, listed on the London exchange as part of the parent company. McCormick will also establish an international headquarters in the Netherlands, the historic base for Unilever Foods.DutchNews.nl+1

Deal Economics and Timeline

The transaction, announced in late March, values Unilever's food business at $44.8 billion and is structured as a Reverse Morris Trust for tax efficiency. Under the terms, Unilever shareholders will own approximately 55.1% of the combined company, McCormick shareholders will hold 35%, and Unilever will retain a 9.9% strategic stake. Unilever will also receive $15.7 billion in cash.cnbc+1

The companies have projected roughly $600 million in annual cost efficiencies from the merger. McCormick CEO Brendan Foley will lead the combined entity, which will keep its global headquarters in Hunt Valley, Maryland.CNN+3

Regulatory Path Ahead

The deal is expected to close by mid-2027, pending shareholder and regulatory approvals. Former FTC chair Bill Kovacic told Reuters in March that the combination would likely face thorough scrutiny given its implications for consumer pricing in the United States. Investors initially reacted coolly to the deal's complexity and long timeline when it was first disclosed, with shares of both companies declining on the day of the announcement.Reuters+1