Marmite maker Unilever agrees $44.8bn deal to combine food arm with McCormick

Core focus will be on beauty, personal care and home products after spinning off brands such as Hellmann’s and Pot Noodle

Business live – latest updates

Unilever has agreed to combine its food business with US-based McCormick in a $44.8bn deal that will give the Marmite-to-Hellmann’s mayonnaise owner majority control of a food empire.

Under the agreement, McCormick will pay London-listed Unilever $15.7bn in cash and the equivalent of $29.1bn in shares for most of the Anglo-Dutch company’s food arm.