Unilever to merge food arm with McCormick in $65 billion deal

Unilever is merging its food business with spice maker McCormick in a deal worth around $65 billion, creating the second-largest food transaction in history. The agreement comes after investor pressure to shed food brands, with Unilever's food unit experiencing sluggish sales growth. The deal will be structured as a Reverse Morris Trust, offering tax benefits, and values Unilever's food business at nearly $45 billion.