Reuters: McCormick & Co Inc is set to buy the food business of British consumer goods conglomerate Reckitt Benckiser Group Plc for more than $4 billion, the Financial Times reported on Tuesday, citing people close to the matter.
McCormick, a US manufacturer of spices and herbs, beat out competition from a number of bidders and an announcement of the deal could come as early as Tuesday evening, the FT reported. on.ft.com/2u7rEBB
In April, Reckitt Benckiser said it was reviewing strategic options for its small food business as it seeks to pay down debt following its planned $16.6 billion purchase of Mead Johnson.
McCormick was one of the parties interested in the business which is home to French’s mustard and Frank’s RedHot sauce, Reuters had reported in May.
McCormick and Reckitt Benckiser did not immediately respond to Reuters requests for comment.