McCormick targets majority control of Unilever Pakistan Foods

October 21, 2026 (MLN): US-based spice and seasoning maker McCormick & Company, Inc. (NYSE: MKC) intends to acquire at least 76.55% shareholding and control of Unilever Pakistan Foods Limited, directly or through one or more affiliates, as part of a wider global food business deal.

The acquirer will purchase 4,876,294 shares, equal to 76.55%, through an agreement. These shares are held by Conopco, Inc., the only shareholder with 10% or more of the voting rights. The number of shares to be acquired through the public offer cannot be determined at this stage.

The Pakistani deal forms part of McCormick’s proposed combination with Unilever PLC’s global food business. Under a merger agreement dated March 31, 2026, McCormick will take sole control of substantially all of that business, subject to agreed exclusions. Unilever Pakistan Foods is the Pakistani entity within the business being acquired.

The public offer will be subject to all requisite regulatory approvals, including that of the Competition Commission of Pakistan. It would also face a competitive bid if another interested acquirer has made an earlier public offer announcement at that time. The intention may be withdrawn for any reason, including if approvals are not granted.

Arif Habib Limited is the manager to the offer. The notice is to be published in one English and one Urdu newspaper within two working days.

About the target

Unilever Pakistan Foods has 6,369,950 ordinary shares of Rs10 each. The share closed at Rs25,352 a day before the notice. The 28-day weighted average price, from September 23 to October 20, 2026, was Rs25,308 per share (Source: Bloomberg).

The company’s board has 10 directors, led by Chairman Sarfraz Rehman (independent director) and CEO Amir Paracha. Muhammad Shahzad is executive director and CFO, and Maheeda Saeed is executive director and General Manager Foods for Pakistan and Bangladesh. Zulfikar Monnoo, Kamal Monnoo, Muhammad Adil Monnoo and Ali Tariq are non-executive directors. Atif Azeem and Asad Jafar are independent directors.

For 1HCY26, the company posted a profit after tax of Rs4.34bn, with earnings per share of Rs680.9 and a dividend of Rs681 per share. Net sales stood at Rs25.26bn.

About the acquirer

McCormick was founded in 1889 and incorporated in Maryland, US, on November 30, 1915. It manufactures, markets and distributes herbs, spices, seasoning mixes, sauces, condiments and other flavour products to the food and beverage industry in about 150 countries and territories. Its brands include French’s, Cholula, Zatarain’s, Stubb’s, Simply Asia, Gourmet Garden and Billy Bee.

It has no ultimate controlling shareholder. No individual shareholder held over 10% as of May 31, 2026. It owns over 30 wholly owned companies, all outside Pakistan. It holds no voting rights in Unilever Pakistan Foods and has no irrevocable commitments, options, warrants or convertible securities in respect of the company.

Its authorised capital is $15.8m, and its paid-up capital is $2.69m. That comprises 14,796,402 common shares and 254,055,150 non-voting common shares of $0.01 each.

Brendan M. Foley is chairman, president and CEO. The board also includes Michael D. Mangan (lead independent director), Anne Bramman, Michael Conway, Rick Dierker, Gavin Hattersley, Cindy Hoots, Margaret Mary V. Preston, Gary M. Rodkin, Valarie Sheppard, Jacques Tapiero and Terry S. Thomas.

The aforementioned information was disseminated through a notification to Exchange.

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