US-based spice and seasoning maker McCormick & Company plans to acquire at least a 76.55% stake and control of Unilever Pakistan Foods Limited (UPFL) as part of a proposed global combination with Unilever PLC’s food business.
According to a public notice dated October 21, 2026, McCormick intends to acquire 4,876,294 shares in the Pakistani company through an agreement, followed by a public offer under Pakistan’s takeover regulations.
The proposed transaction remains subject to the requisite regulatory approvals, including clearance from the Competition Commission of Pakistan (CCP). The notice also states that the intention to acquire the stake may be withdrawn, including if the required approvals are not obtained.
Arif Habib Limited has been appointed manager to the offer.
McCormick acquisition linked to global Unilever food deal
The proposed acquisition of Unilever Pakistan Foods forms part of a broader agreement between McCormick and Unilever PLC dated March 31, 2026.
Under the agreement, McCormick intends to assume sole control of substantially all of Unilever PLC’s global food business, subject to agreed exclusions.
The Pakistani transaction is part of that wider combination, with McCormick seeking control of Unilever Pakistan Foods through the acquisition of shares held by Conopco, Inc., identified in the notice as the only shareholder with 10% or more of the voting rights.
The number of shares that may ultimately be acquired through the subsequent public offer cannot yet be determined, according to the notice.
The proposed offer could also face a competitive bid if another interested acquirer has already announced a public offer at that time.
What the acquisition means for Unilever Pakistan Foods
Unilever Pakistan Foods has 6,369,950 issued ordinary shares, each with a face value of Rs10.
The company’s shares closed at Rs25,352 on October 20, 2026, while its 28-day weighted average share price stood at Rs25,308 for the period from September 23 to October 20, according to the filing.
Based on Unilever Pakistan Foods’ October 20 closing share price of Rs25,352, the 4,876,294 shares McCormick intends to acquire would be worth approximately Rs123.62 billion ($447.3 million), according to this publication’s calculation. This is an estimate based on the market price, not a confirmed acquisition value, as the filing does not disclose the agreed purchase price.
The proposed acquisition would give McCormick a controlling interest in the Pakistani food company if completed. The transaction’s outcome will depend on the required regulatory approvals and the process prescribed under Pakistan’s takeover rules.
Unilever Pakistan Foods reports higher earnings
The proposed acquisition comes as Unilever Pakistan Foods reports stronger earnings and sales for the nine months ended September 30, 2026.
According to the company’s unaudited financial results submitted to the Pakistan Stock Exchange, net profit rose 38.3% to Rs6.33 billion from Rs4.57 billion in the corresponding period last year. Earnings per share increased to Rs993.21 from Rs717.93.
Net sales climbed 25% to Rs37.60 billion, while gross profit increased 38% to Rs16.13 billion. Gross margin widened by 408 basis points to 42.9%.
For the third quarter ended September 30, net profit increased 34% to Rs1.99 billion from Rs1.48 billion a year earlier, with earnings per share rising to Rs312.31 from Rs233.08.
The company attributed its nine-month performance to volume growth across its product segments, particularly Knorr Noodles, Unilever Food Solutions and Rafhan.
The board also recommended a third interim cash dividend of Rs312 per ordinary share, compared with Rs466 per share for the corresponding nine-month period last year.
McCormick & Company
Founded in 1889 and headquartered in Maryland, United States, McCormick manufactures, markets and distributes spices, herbs, seasoning mixes, sauces, condiments and other flavor products. Its portfolio includes brands such as McCormick, French’s, Frank’s RedHot, OLD BAY, Cholula, Zatarain’s and Stubb’s.
The company operates across approximately 150 countries and territories, supplying products to consumers as well as the food service and food manufacturing industries.
McCormick has no ultimate controlling shareholder, according to the acquisition notice. It also stated that it held no voting rights in Unilever Pakistan Foods before the proposed transaction.
The planned acquisition would extend the global food-business combination into Pakistan, subject to the completion of the required regulatory and takeover procedures.