McCormick's Q1 growth driven by acquisitions; merger with Unilever food dilutes shareholders, raising risks.

McCormick reported a 17% sales increase in Q1 mainly due to acquisitions, with organic growth weak at 1.2%. The company's merger with Unilever's food business will reduce McCormick shareholders' ownership to 35%, losing majority control and increasing leverage and integration risks. Despite strong headline results and unchanged guidance, the merger introduces significant risks including higher debt and a conglomerate discount. Investors should be cautious as future growth is expected to slow to low single digits.