M&A
The Competition and Markets Authority has opened an investigation into the anticipated acquisition by McCormick & Company of the majority of the foods business of Unilever plc. The deal puts one of the world's largest spice and flavouring groups in line to absorb a significant portion of Unilever's consumer foods portfolio, a business that spans established brands across multiple markets. The CMA's inquiry follows the regulator's standard merger control process under the Enterprise Act 2002, with the case listed as open on the CMA's cases register as of 11 November 2026. The transaction is cross-border in character: McCormick is a US-listed company headquartered in Maryland, while Unilever is a UK-incorporated FTSE 100 group. That combination places the deal squarely within the CMA's Phase 1 merger review jurisdiction, requiring the authority to assess whether the acquisition may result in a substantial lessening of competition in UK markets. The CMA announced its Phase 1 decision on 11 November 2026, finding that the merger may be expected to result in a substantial lessening of competition in UK markets; the deal will be referred for an in-depth Phase 2 investigation unless McCormick and Unilever offer an acceptable undertaking.
Why this matters
A McCormick acquisition of Unilever's foods division would rank among the larger consumer-goods transactions of the year, combining two companies with overlapping branded food and flavouring interests in UK and European retail channels. The CMA's decision to open a formal inquiry signals that the authority sees at least a plausible competition concern, most likely in the supply of ambient food products or branded condiments where both parties hold shelf presence. For Unilever, the disposal continues a strategic retreat from lower-growth foods assets, a programme the company has pursued for several years, but the size and profile of the divested portfolio means the CMA will examine market concentration carefully. The outcome could also set a template for how the regulator treats large US acquirors of UK-incorporated target assets in the post-Brexit environment, where the CMA operates entirely independently of EU merger control.
On the Ground
The inquiry activates concurrent streams of competition, corporate and regulatory legal work. Competition counsel on both sides will be preparing submissions, economic evidence on market definition and share analysis, and responding to CMA information requests. M&A teams will be managing the conditions to closing, including any hold-separate undertakings if the deal has already completed or proceeds to completion during review. A trainee on this matter would likely be assisting with document collation for the CMA data room, drafting chronologies of the transaction, and cross-referencing product market definitions against precedent Phase 1 decisions. No law firms are named in the corpus for this transaction.
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“How does the CMA assess jurisdiction and competitive harm when a US strategic buyer acquires branded food assets from a UK-incorporated multinational?”
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