# Unilever is facing a mounting investor backlash over its recent multibillion-pound tie-up with US food giant McCormick.

*business · news · 2026-04-28 · City A.M.*

## Key points

- Unilever bypassed a shareholder vote on its $45bn merger with McCormick by using recent UK listing reforms.
- The new Unilever-McCormick entity will begin with a net debt to EBITDA ratio close to 4:1.
- Many institutional shareholders, restricted to UK/European equities, will be forced to sell shares in the new US-based entity.
- The transaction caused both Unilever and McCormick shares to drop sharply due to debt and governance concerns.
- McCormick will seek a secondary listing in Europe, likely in London or Amsterdam.

**Companies:** Unilever, McCormick
**Countries:** United Kingdom, United States

[Read the full story on City A.M.](https://www.cityam.com/unilever-gets-marmite-reaction-to-mccormick-deal-as-investor-fury-spreads/)

---

Canonical: https://newsio.io/n/7b5be1ad-904d-4e33-bead-590ef79e1ab9/unilever-is-facing-a-mounting-investor-backlash-over-its-recent-multibillion-pou
Summarized by Newsio from City A.M.. https://newsio.io/how-it-works