{"text":[[{"start":13.58,"text":"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 into one portfolio. "}],[{"start":25.41,"text":"The deal to create a food giant with a combined value of $60bn is set to be unveiled as soon as Tuesday when Maryland-based McCormick announces first-quarter results, according to people familiar with the matter."}],[{"start":40.35,"text":"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, Unilever said in a statement on Tuesday morning confirming it was close to an agreement."}],[{"start":56.99,"text":"Unilever shareholders will own 65 per cent of the combined group with the remainder of the transaction paid for with $15.7bn of cash, the company said."}],[{"start":70.13,"text":"The deal would exclude some parts of Unilever’s food portfolio, such as its India business. “Work remains ongoing to agree and finalise a transaction and it is possible that an agreement could be concluded today,” Unilever said."}],[{"start":85.46,"text":"Unilever last week announced it had received an offer for the business, which includes brands such as Marmite, Knorr and Pot Noodle."}],[{"start":94.55,"text":"The deal, first reported by the Wall Street Journal, will transform Unilever from a multi-category conglomerate into a more focused beauty and personal care company."}],[{"start":106.14999999999999,"text":"McCormick did not immediately respond to requests for comment."}],[{"start":111.02999999999999,"text":"Consumer goods companies have been slimming down in recent years as they aim to boost investor returns while changing consumer preferences and weak consumer demand challenge their growth prospects. "}],[{"start":125.47999999999999,"text":"McCormick, which has a market capitalisation of more than $14bn, is known for its red-topped spice brands as well as Cholula hot sauce."}],[{"start":136.92,"text":"By merging with Unilever’s food division, McCormick will be able to expand in emerging markets, where the London-listed group has significant distribution."}],[{"start":148.64999999999998,"text":"Unilever has been steadily moving away from food over the past decade to focus on its faster growing beauty and wellbeing categories."}],[{"start":157.95,"text":"The company has carved out its spreads, tea and ice cream businesses, as well as selling smaller brands such as snack company Graze and the plant-based protein group Vegetarian Butcher. "}],[{"start":171.35,"text":"In 2025, Unilever’s food division made €2.9bn in underlying operating profit on €12.9bn of revenue, compared with McCormick’s $1bn of operating income on $7bn of revenue."}],[{"start":199.38,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1774946996_5637.mp3"}