BUZZ - McCormick shares drop as UK raises antitrust concerns over its $65 billion deal with Unilever

November 11 - ** The stock price of Cholula hot sauce maker McCormick (MKC.N) fell by 1.4% to $46.08

** The UK competition regulator, the Competition and Markets Authority (CMA), has told food giants Unilever (ULVR.L) and McCormick that they must address (link) competition concerns in the condiments and sauces sector, or their planned $65 billion food merger will face an in-depth investigation (link)

** The companies can propose remedies by November 18 to avoid a full probe; if remedies such as asset sales are provided, the deal may be approved; otherwise, it will be blocked

** According to the US Federal Trade Commission (FTC) records, the deal passed a key review by US regulators last month

** “The market landscape is very different, and competition in the dry ingredients market in the US is much fiercer than in the UK,” said GlobalData Managing Director Neil Saunders, adding that there is little likelihood of more obstacles in the US

** As of the previous trading day's close, MKC is down 31.4% year to date

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