In a major international cross-border transaction, US-based spice and seasoning giant McCormick & Company, Inc. (NYSE: MKC) has announced its intention to acquire at least a 76.55% majority shareholding and sole control of Unilever Pakistan Foods Limited.
The move comes as part of a broader global merger agreement signed on March 31, 2026, in which McCormick will acquire substantially all of Unilever PLC’s global food business.
Deal Structure & Financial Highlights
- Share Acquisition: McCormick plans to purchase 4,876,294 shares directly from Conopco, Inc., the sole shareholder holding 10% or more of the voting rights in Unilever Pakistan Foods.
- Public Offer: In accordance with Pakistani takeover regulations, the transaction will involve a mandatory public offer managed by Arif Habib Limited. The final number of shares to be acquired via the public offer will be determined in subsequent stages.
- Regulatory Approvals: The public offer remains subject to required regulatory approvals, including clearance from the Competition Commission of Pakistan (CCP).
- Market Valuation: Prior to the notice, Unilever Pakistan Foods closed at Rs 25,352 per share, with a 28-day weighted average price of Rs 25,308 per share (as of October 20, 2026).
Target Company Overview: Unilever Pakistan Foods
Unilever Pakistan Foods continues to demonstrate strong financial performance:
- 1HCY26 Performance: Posted a net profit after tax of Rs 4.34 billion on net sales of Rs 25.26 billion, yielding an Earnings Per Share (EPS) of Rs 680.9 and declaring a dividend of Rs 681 per share.
- Leadership: The board is chaired by independent director Sarfraz Rehman, with Amir Paracha serving as CEO, and Muhammad Shahzad as CFO.
Financial Snapshot (Rs in Millions)
| Indicator | 1HCY26 | CY2025 | CY2024 | CY2023 |
| Net Sales | 25,256 | 40,573 | 33,712 | 34,587 |
| Profit After Tax | 4,337 | 5,946 | 6,975 | 9,744 |
| Total Assets | 21,948 | 18,570 | 27,988 | 31,060 |
| Shareholders’ Equity | 7,220 | 6,367 | 13,380 | 15,660 |
About the Acquirer: McCormick & Company
Founded in 1889 and headquartered in Maryland, USA, McCormick is a global leader in flavors, spices, and seasonings, supplying the food and beverage industry across ~150 countries and territories. Led by Chairman, President, and CEO Brendan M. Foley, its portfolio features world-renowned brands such as French’s, Cholula, Zatarain’s, and Gourmet Garden.
Prior to this transaction, McCormick held no prior voting rights or equity stake in Unilever Pakistan Foods.
