Marmite maker Unilever agrees $44.8bn deal to combine food arm with McCormick

Unilever has agreed to combine its food business with US-based McCormick in a $44.8bn deal that will give the Marmite-to-Hellmann’s mayonnaise owner majority control of a food empire.The Anglo-Dutch company will control 65% of the new spin-off, which will combine brands such as Knorr and Pot Noodle with McCormick’s condiments and spices including French’s mustard, Old Bay seasoning and Cholula hot sauce.However, the combined company will be called McCormick and led by its executives, with senior management representation from the ranks of Unilever’s food business.Under the agreement, McCormick will pay London-listed Unilever $15

Centuries-old pottery firm Denby set to call in administrators

Denby has called in administrators, putting the 217-year-old Derbyshire pottery at risk of closure with the loss of almost 600 jobs.The company, which was rescued from administration in 2009 by the restructuring experts Hilco and also owns the Burleigh brand, produced by Burgess and Leigh based in Stoke-on-Trent, is understood to have struggled with the surging cost of gas, higher labour costs, tighter financial markets and softening consumer demand for its premium homeware.Earlier this month, Sebastian Lazell, the chief executive of Denby, told BBC News he was “trying to move heaven and earth” to save the business.A #SaveDenby campaign was launched in an attempt to encourage people to buy more products and to lobby the government to provide support.Denby Group said on Tuesday that “the outpouring of support” in response to the campaign had been “overwhelming and deeply moving” but it had been unable to secure “strategic investment partners” to help the business continue

Oil price jumps to $118 a barrel after Trump comments; cost of filling up family car with diesel passes £100 – as it happened

Time to wrap up…Brent crude, the international benchmark for oil prices, rose by as much as 5% to $118.43 a barrel after Donald Trump told allies to buy US jet fuel or “take it” from the strait of Hormuz.The US president wrote on his social media platform Truth Social:I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT

Steel bosses warn ‘back door’ loophole in UK trade rules could lead to job cuts and closures

Steel bosses have warned ministers that a “back door” in new trade rules could hit British manufacturers and lead to job cuts and factory closures by allowing a vast array of foreign products to still enter the UK tax-free.The loophole means pre-made steel parts ranging from bridge sections, columns and door frames, all the way to smaller rods and tubes used in buildings, will escape recently announced import tariffs, the Guardian understands.Earlier in March, ministers said they would double tariffs on imported steel and cut the amount that can be bought from abroad in an attempt to protect Britain’s struggling steelmakers from a flood of cheap imports from China.But industry bosses say the measures overwhelmingly target imports of the metal straight from the furnace – protecting the likes of Tata and British Steel – but leave products that have already been drilled and cut into shape untouched.The rules allow foreign pre-made steel in via a “back door”, said Simon Boyd, the managing director of Reidsteel, a maker of structural building parts that employs about 130 people

Food price rises unlikely before summer, says boss of Sainsbury’s

Shoppers will not see food prices rise until at least the summer and Easter will be unaffected by conflict in the Middle East, the boss of Sainsbury’s has said, despite fears of an inflation spike.Simon Roberts said it was “too early” to say whether and when food price inflation related to higher commodity costs would hit supermarket shelves and that the UK’s second-largest supermarket had long-term agreements with suppliers to help protect shoppers.“We have a lot of the tools to make sure we’ll do everything possible to contain the impact on inflation,” he said. “Obviously we are watching and monitoring events closely.“We’re not looking at immediate consequences or near-term consequences that we don’t think we’ve got a plan to navigate

UK house prices rose sharply in March but Iran war expected to cause slowdown

UK house prices increased at the fastest rate in almost 18 months in March, although surging mortgage rates amid the Iran war are likely to lead to a market slowdown, according to Nationwide.The UK’s biggest building society said the price of a typical UK home increased by 0.9% month on month in March, the largest increase since December 2024.The increase, which compares with a 0.3% rise recorded in February and is ahead of economists’ expectations of 0