The UK’s Competition and Markets Authority (CMA) has begun an investigation into McCormick & Co.’s pending acquisition of the majority of the food business of Unilever Plc.

A notice was sent this week to the two companies. It follows a July request for comments allowing “interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK.”

After the August close of that comment period, the authority apparently found cause to open the Phase 1 investigation. One document said, “The merger meets the requirements of section 96(2) of the [Enterprise Act of 2002].”

CMA gives itself a Nov. 11 deadline to either drop the investigation or to proceed to a more in-depth Phase 2 investigation.

Two weeks ago, a Unilever spokesperson told European media the company’s Colman's mustard brand was being offered for sale “to address potential competition concerns from the planned combination of Unilever Foods and McCormick.” McCormick, of course, has French’s mustard. But the merger would also combine the two biggest mayonnaise brands in the world: Unilever’s Hellman’s with McCormick-branded mayo.

McCormick announced on March 31 it was essentially paying $44.8 billion for Unilever's foods business, sales of which are more than twice that of all of McCormick. Under the terms of the agreement, Unilever and its shareholders are expected to receive shares equal to 65% of the combined-company’s equity, worth about $29.1 billion. Unilever itself will receive $15.7 billion in cash, subject to certain closing adjustments.

Although McCormick will be the surviving company, after closing of the transaction Unilever shareholders are expected to own 55.1% of the new company, McCormick’s current shareholders will own 35.0% and Unilever Plc will maintain 9.9%. Total sales of the merged company would be approximately $20 billion.

They were hoping the deal would be completed by mid-2027.

Brendan Foley of McCormick is expected to remain chairman, president and CEO, and Marcos Gabriel will stay on as executive vice president and chief financial officer. Executives from both companies will serve in other leadership roles. Unilever will appoint four of 12 members of the combined company’s board of directors. One of them will be a Unilever executive to support the integration.

McCormick unveiled some details of the operating model and executive team of the unified company in June.