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McCormick down after UK competition concerns on $65 billion deal with Unilever

By Reuters News11 hours ago Updated

** Shares of Cholula hot sauce maker McCormick MKC.N slip 1.4% to $46.08

** Britain's competition watchdog, the Competition and Markets Authority, told food giant Unilever ULVR.L and McCormick they must address competition concerns in recipe mixes and sauces or face an in-depth investigation of their planned $65 billion food deal

** Cos could offer remedies before November 18 to avoid detailed investigation, which could lead to deal being cleared, subject to remedies such as asset sales, or blocked

** The deal cleared a key US regulatory hurdle last month, per FTC records

** "The market landscape is very different in that there is more competition for dry ingredients in the US than the UK," says Neil Saunders, managing director at GlobalData, adding further hurdles in the US are unlikely

** Up to last close, MKC was down 31.4% YTD

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