McCormick, the American spice and seasoning company known for brands such as French’s mustard and Frank’s RedHot sauce, is pursuing a secondary listing on the London Stock Exchange as part of its $44.8 billion merger with Unilever’s food business. The proposal would add a London listing alongside McCormick’s current presence on the New York Stock Exchange, aiming to enhance capital flows and liquidity for shareholders.

This planned move comes amid a trend of London market departures, with firms like Flutter Entertainment and Ferguson relocating their listings to North America. The addition of McCormick’s secondary listing is seen as a potential boost to the UK’s capital markets.

Brendan Foley, McCormick’s chairman, president, and chief executive, emphasized the global scope of the combined operations, noting the company’s commitment to Unilever’s research and development facilities in the Netherlands alongside McCormick’s headquarters in Hunt Valley, Maryland. He characterized the merger as positioning the group for ongoing success.

Unilever, a consumer goods group listed in the FTSE 100, agreed to combine its food division with McCormick, retaining majority control in the new entity. This transaction is part of Unilever’s broader strategic focus on its personal care and beauty segments, which generate more than €25 billion in combined annual sales. The merger is anticipated to produce a food conglomerate valued at nearly $66 billion, with expected annual revenues of around $20 billion.

Under the terms, Unilever shareholders will own approximately 65 percent of the merged company. Post-merger, McCormick will maintain its brand name, US headquarters, and its listing on the New York Stock Exchange. The international headquarters will be based in the Netherlands.

Founded in Baltimore in 1889 initially as a door-to-door seller of root beer and flavoring extracts, McCormick now markets a broad portfolio of spices, herbs, seasoning mixes, and condiments, including brands such as Billy Bee, Ducros, and Old Bay. Its current valuation stands near $15 billion (about £11 billion).

The deal is targeted for completion by mid-2027 and is currently under regulatory review. The UK’s Competition and Markets Authority has recently invited stakeholders to submit views on the merger as part of its assessment.