McCormick & Company, the US spice and seasoning maker, has chosen the London Stock Exchange as a second place to list the shares of the new company it is creating by merging with Unilever's Foods business. The company will keep its main listing on the New York Stock Exchange. McCormick confirmed the London listing on July 23, 2026, and it is expected to take effect when the merger is completed (StreetInsider; TradingView).

The deal has been in the works for months. Unilever said it received an offer from McCormick on March 20, 2026, confirmed it was in advanced talks on March 30, and signed a binding agreement on March 31 (London Stock Exchange; London Stock Exchange; London Stock Exchange). Unilever's filings had mentioned both the London Stock Exchange and Euronext Amsterdam as possible listing venues, as shown in documents on McCormick's investor relations site dated April 1 and June 2, 2026 (McCormick IR; McCormick IR).

The ownership split tells the story of the deal. When the merger closes, Unilever shareholders are expected to own 55.1% of the combined company, while McCormick shareholders will hold 35.0% (McCormick IR). India and certain other countries are excluded from the deal, as confirmed in McCormick's second-quarter 2026 financial release (McCormick IR).

The deal still needs McCormick shareholder approval and regulatory clearances, with an expected close by mid-2027 (London Stock Exchange). McCormick had previously said it would announce the London listing location by the end of July 2026, which it did on July 23 (McCormick IR).

The broader context here is why a London listing matters. A listing means a company's shares can be bought and sold on a particular stock exchange. Unilever Foods has deep roots in Europe, and a London listing gives Unilever's existing shareholders a familiar place to keep trading the stock. Since Unilever shareholders will own the majority of the combined company, having a London listing is a way to keep those investors on board rather than forcing them to move to a US exchange.

The ownership math explains the decision. When the seller's shareholders own 55.1% and the buyer's own 35.0%, the dynamic is different from a typical acquisition where the buyer takes over. The London listing lets Unilever's large institutional investors continue trading without having to switch to a US-listed share. Whether trading across two exchanges adds activity or splits it in ways that reduce liquidity is an open question. The answer will depend on whether the stock gets included in major indexes, how depositary receipt arrangements work (these are instruments that let investors buy foreign stocks through a local intermediary), and how much demand exists on each exchange.

The exclusion of India and certain other markets from the deal is a detail that matters for understanding the combined company's financials. Cutting out markets with different regulatory rules or complex business structures makes it simpler to combine the two companies. But it also means the acquired business is smaller. Investors estimating the combined company's future revenue and operating profit will need to account for what is excluded rather than using Unilever's full Foods segment figures.

The mid-2027 close timeline gives regulators plenty of time to review the deal. McCormick shareholder approval is a step that should be straightforward given the ownership structure, though it is not automatic. More important are the antitrust reviews across multiple countries, since McCormick and Unilever Foods both sell packaged foods and condiments. The exclusion of India and other markets may partly be a way to avoid regulatory friction, though the filings do not explain the specific reasoning.

For anyone watching this deal, the practical question is how the dual-listing structure will work. McCormick's New York listing is the primary one, and the London listing is secondary, meaning it will not carry the same level of reporting priority or potential inclusion in major indexes as a primary London listing. The combined company's operating model and leadership team, announced alongside the listing location on July 23, will determine how the two businesses work together day to day. The listing structure, separately, determines where investors can trade and how they exercise their rights as shareholders. Both are worth paying attention to as the deal moves toward completion.