Consumer products giant Unilever is reportedly negotiating to spin off its food division and merge it with spice company McCormick through a stock-only transaction that could be announced within weeks, according to a Thursday report from the Wall Street Journal citing unnamed sources.
Reuters was unable to independently confirm the reporting, and both companies have not yet responded to requests for comment.
The company behind Dove soap is considering a broader divestiture of its food operations, as reported by Bloomberg News earlier this week, while consumer goods manufacturers face declining demand for packaged food products during ongoing economic uncertainty.
According to the Financial Times on Wednesday, Unilever and Kraft Heinz had recently engaged in discussions about potentially merging portions of their food operations, though those negotiations have since concluded.
