Unilever in sell talks

Unilever’s Foods division reported combined turnover of €12.9 billion in 2025 and represented just under 26% of group sales, according to the company’s full‑year 2025 overview. (unilever.com) Barclays estimates the Foods unit’s enterprise value at roughly €30 billion, a figure analysts derived from the division’s reported operating profit of about €2.9 billion last year. (foodingredientsfirst.com) Bloomberg and other outlets say the approach being discussed would likely use a Reverse Morris Trust — a tax‑efficient spin‑off/merge structure — and that people familiar with the talks have suggested a deal could be completed by the end of March. (bloomberg.com) That €30 billion valuation would substantially outstrip McCormick’s market capitalisation (reported at roughly US$14–15 billion in LSEG/market data), creating a size gap that advisers say underpins the Reverse Morris Trust option. (foodingredientsfirst.com) McCormick itself generated roughly US$6.8 billion in revenue last fiscal year and has been pushing growth in its B2B Flavor Solutions arm, which analysts note would be folded into a combined platform if a deal proceeded. (foodingredientsfirst.com) Markets moved on the news: Unilever’s shares rose about 1–2% in early trading after confirmation, while McCormick’s stock slipped as much as 2.6% on the day, reflecting investor concern over the buyer–target scale mismatch. (ajbell.co.uk) (bloomberg.com) Unilever’s recent corporate actions under CEO Fernando Fernandez — including the 2025 ice‑cream demerger and a strategy shift to concentrate investment in beauty and personal care — provide the strategic backdrop for keeping Foods as a separable, saleable unit. (unilever.com)