McCormick announces $15.7B Unilever Foods merger, diluting shareholders to 35% stake

Filed June 25, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jun 26, 2025 · ~2 min read

Key Changes

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  McCormick entered a Reverse Morris Trust merger with Unilever Foods requiring a $15.7B cash payment and issuing stock that will dilute current shareholders to ~35% ownership (Unilever shareholders ~55%, Unilever retaining ~10%). Transaction subject to shareholder and regulatory approvals.

  MD&A: Unilever Foods merger agreement verify on EDGAR →
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  Company secured $15.7B bridge facility (reduced to $13.7B) and $2B term loan to finance the Unilever merger, materially increasing leverage. Interest expense already up $11.7M in Q2 on higher rates and debt financing fee amortization.

  MD&A: Bridge and Term Loan financing verify on EDGAR →
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  Acquired additional 25% of McCormick de Mexico for $750M, increasing ownership to 75% and consolidating the entity. Acquisition contributed 11-13 pts to FY26 sales growth guidance but created a 25% noncontrolling interest that reduces net income to shareholders by $14.1M in H1.

  MD&A: McCormick de Mexico acquisition verify on EDGAR →