US food giant McCormick is preparing to bring its shares to London in a rare vote of confidence for the City’s battered equity markets, as the company pushes ahead with its £33.8bn takeover of Unilever’s food business.
The maker of French’s mustard and Frank’s RedHot sauce confirmed it will seek a secondary listing on the London Stock Exchange while maintaining its primary listing in New York.
The move is designed to broaden access for investors, improve trading liquidity and strengthen the company’s global profile following one of the largest food industry deals in years.
For London, the announcement offers a much-needed boost after a prolonged period of declining listings, falling investor confidence and a steady stream of UK-listed companies being acquired by overseas buyers or taken private.
The City has struggled to attract major new entrants as businesses increasingly favour US markets, where valuations are often higher and access to capital deeper. McCormick’s decision provides a rare counterpoint to the narrative of London’s shrinking public markets.
Brendan Foley, McCormick’s chairman, president and chief executive, said the London listing, alongside the company’s international operations, would reinforce the global nature of the enlarged business.
The takeover, agreed in March, will see McCormick acquire Unilever’s food brands including Hellmann’s, Marmite and Colman’s in a transaction expected to complete in mid-2027.
Under the deal structure, Unilever will receive around $15.7bn (£11.9bn) in cash upfront and retain a significant stake in the enlarged company. Unilever shareholders are expected to own 55.1% of the combined food business, while Unilever itself will retain a further 9.9%.
McCormick expects the merger to deliver around $600m (£453m) in annual cost savings through operational efficiencies, with the enlarged group set to operate across four divisions covering consumer markets, international sales, food service and flavour technologies.
The deal is now facing scrutiny from the UK Competition and Markets Authority, which has opened a consultation process.
For London, however, the listing represents more than a corporate transaction. It is a small but significant signal that global companies may still see value in maintaining a presence in Britain’s capital markets.
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