India, March 31 -- Consumer goods major Unilever Plc. (UL,ULVR.L) on Tuesday confirmed that it is in advanced discussions to combine its food business with spice-maker McCormick & Co. (MKC).
In overnight trading in the U.S., Unilever shares were gaining around 1.7 percent, at $61.01, after closing Monday's regular trading 1% higher. McCormick shares were gaining 3.3 percent, at $55.49, after closing Monday's trading 1.2 percent higher.
The announcement follows recent media speculation regarding a potential strategic transaction involving elements of its Foods business, to create a new food giant valued at roughly $60 billion, including debt.
In a statement, Unilever noted that work remains ongoing to agree and finalise a deal, and it is ...