US food company McCormick & Company plans to acquire at least 76.55% of Unilever Pakistan Foods Limited and take control of the business. A regulatory announcement on Wednesday, October 21, outlined the proposed acquisition as part of a broader global transaction involving Unilever’s food operations.
McCormick intends to acquire approximately 4.88 million shares through an agreement. A public offer will follow in accordance with Pakistan’s takeover regulations. Arif Habib Limited will serve as manager to the offer.
“Acquirer intends to acquire at least 76.55% shareholding and control of the target company (Unilever Pakistan Foods Limited).”
The announcement represents an intention to acquire the business, with regulatory approvals still required before the transaction can proceed.
Pakistan acquisition linked to global merger
The notice connects the proposed change in Pakistani ownership with the companies’ agreement signed earlier this year.
“The intended acquisition forms part of the proposed combination of Unilever PLC’s global food business with McCormick & Company Inc. involving the acquisition by the acquirer of sole control of substantially all of Unilever PLC’s global food business, subject to agreed business exclusions, pursuant to a merger agreement dated 31 March 2026,” it said.
The global agreement excludes Unilever’s food business in India and certain other operations. The companies announced a combined portfolio with approximately $20 billion in annual revenue, based on their 2025 figures.
That portfolio would bring together brands including McCormick, Knorr, Hellmann’s, Cholula, Maille and Frank’s. Unilever’s announcement valued its participating food business at approximately $44.8 billion on an enterprise-value basis.
Competition approval and public offer
“The public offer will be subject to the receipt of all requisite regulatory approvals, including the approval of the Competition Commission of Pakistan,” the notice stated.
Unilever Pakistan Foods has approximately 6.37 million issued ordinary shares, each carrying a face value of Rs10.
Its shares closed at Rs25,352 on October 20, the trading day before the announcement. The 28-day weighted average price stood at Rs25,308 for September 23 through October 20, 2026.
Those figures describe the company’s recent share trading. They should not be read as an announced acquisition or public-offer price.
The proposed purchase would give McCormick a controlling interest in the listed Pakistani food company, subject to the transaction’s conditions.
Sales rise while annual profit falls
Unilever Pakistan Foods reported net sales of Rs40.57 billion in 2025, compared with Rs33.71 billion a year earlier. However, net profit declined to Rs5.95 billion from Rs6.98 billion.
Founded in 1889, Maryland-headquartered McCormick manufactures and distributes spices, herbs, seasoning mixes and condiments across 150 countries. Its brands include McCormick, French’s, Frank’s RedHot and OLD BAY.
In a July update, McCormick said it expected the proposed global combination to close by mid-2027. It also outlined plans for a secondary London listing and international headquarters in the Netherlands.
