Marmite maker Unilever nears deal to combine food arm with US condiment giant

Core focus will be on beauty, personal care and home products after spinning off brands such as Hellmann’s and Pot Noodle into $60bn entity

• Business live – latest updates

Unilever is in advanced talks to combine its food business with US-based McCormick, in a deal including $15.7bn (£11.9bn) cash that would give the Marmite-to-Hellmann’s mayonnaise owner majority control of a $60bn food empire.

London-listed Unilever will control 65% of the new spin-off, which will combine brands such as Knorr and Pot Noodle with McCormick’s condiments and spices including French’s mustard, Old Bay seasoning and Cholula hot sauce.