Veteran investor Terry Smith has accused Unilever of misleading him in connection with the company’s plans to separate its food business and combine it with McCormick. Smith, the founder of Fundsmith, says he was told by Unilever management ahead of the food divestment that there would be no further major asset sales. The comments come after Unilever agrees a deal to spin off its food unit and merge it with McCormick, a transaction valued by some reports at around $66 billion. Smith has also recently sold out of his Unilever position entirely. According to the accounts, he argues that the assurances he received did not align with the company’s subsequent actions or the deal structure. The reporting describes the dispute as one focused on communications and expectations set before the spin-off, rather than on the commercial rationale of the transaction itself. Unilever’s response is not included in the provided excerpts.
Terry Smith accuses Unilever of misleading him over food spin-off deal
Veteran investor Terry Smith has accused Unilever of misleading him in connection with the company’s plans to separate its food business and combine it with McCormick. Smith, the founder of Fundsmith,...
- Terry Smith, founder of Fundsmith, accuses Unilever of misleading him regarding its food divestment plans.
- Unilever agrees to spin off its food business and combine it with McCormick.
- Smith says he was told by Unilever management before the spin-off that there would be no further major asset sales.
- Smith has recently sold out of his Unilever holding entirely.
- The food deal is described by reports as being valued at about $66 billion.
Fundsmith founder Terry Smith has accused Unilever of misleading him over its divestment plans after the consumer goods giant struck a deal to spin off its food business and combine it with McCormick. The high-profile investor, who recently sold out of Unilever entirely, said he had been told by management that there would be no...
1 month agoVeteran fund manager says management told him before the spin-off there would not be any more major asset sales
1 month ago
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