RBC Capital rates Unilever shares Underperform with a 4,200p price target, questioning its food portfolio overhaul with McCormick.
Proposed deal involves $15.7 bn cash upfront and McCormick equity, leaving Unilever a 65% stake in the new entity.
Excluding India foods (11% of business), Hellmann’s and Knorr account for roughly two‑thirds of the division’s value.
RBC notes €6 bn buybacks through 2029 and $600 m synergies, but sees minimal control premium and a complex, sprawling operation.