Unilever is nearing a deal to combine its food business with spice and sauce maker McCormick, which would bring Hellmann’s mayonnaise and French’s mustard under one portfolio.
The deal to create a food giant with a combined value of $60bn is set to be unveiled on Tuesday when Maryland-based McCormick announces first-quarter results, said people familiar with the matter.
The cash-and-stock deal will be structured to allow Unilever to minimise the tax bill from offloading its food division through a so-called reverse Morris trust, the people said.
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