Unilever Confirms Talks on McCormick Offer for Food Business (2)

Unilever Plc is in talks to sell its food business to McCormick & Co., transforming the owner of Hellmann’s mayonnaise into a maker of beauty and personal care products in the biggest overhaul since it was founded almost a century ago.

The Anglo-Dutch consumer goods company said Friday it had received an offer from the Maryland-based spices and seasonings maker, but that there was no certainty a deal would be achieved. Barclays estimates Unilever’s food division has an equity value of some €28 billion ($32.4 billion) to €31 billion.

A sale would mark the end of Unilever competing with ...