McCormick combines with Unilever’s food division and adds Hellmann’s and Knorr to its brands

Spice and flavorings company McCormick announced on Tuesday that it’s combining with Unilever’s foods division, which includes household names like Hellmann’s and Knorr.

The combined company will maintain McCormick’s name and leadership. But upon closing, Unilever and its shareholders are expected to own 65% of the food company’s outstanding equity, amounting $29.1 billion. Unilever would also get $15.7 billion in cash. Meanwhile, McCormick shareholders will own 35.0%.

Unilever...