00:00McCormick is acquiring the majority of Unilever's food portfolio, including Hellman's Mayo,
00:05in a $45 billion deal, paying $15.7 billion in cash,
00:10while Unilever and its shareholders will retain a 65% stake in the combined company.
00:16The acquisition significantly expands McCormick's footprint beyond spices into spreads and condiments,
00:22complementing brands it already owns, like Frank's Red Hot and Cholula.
00:26The deal reflects a broader big food trend of companies shedding slower-growing divisions
00:32as consumer demand for packaged food softens and divestitures dominate M&A activity.
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