UK regulator flags competition risks in AkzoNobel-Axalta and McCormick-Unilever deals
A UK regulator flagged competition concerns over two mergers worth $25 billion and $65 billion. In India, customs held Scotch shipments in a dispute over a 150% tariff.
- 01The $25 billion AkzoNobel-Axalta merger will be referred to a Phase 2 investigation unless the parties offer undertakings
- 02McCormick and Unilever Foods, a $65 billion merger, were given one week to address the regulator's concerns
- 03Indian customs seeks a 150% tariff on Scotch shipments, against the reduced 75% duty under the India-UK pact
- 04The Trump administration held equity stakes in 41 companies as of November, per the CATO Institute
The UK Competition and Markets Authority said the $25 billion merger of AkzoNobel and Axalta could harm competition, in a statement reported on November 11. A UK competition regulator also warned about the $65 billion McCormick and Unilever Foods merger.
What happened
The Competition and Markets Authority said the AkzoNobel and Axalta merger will move to a full Phase 2 investigation, unless the parties put forward a commitment that resolves the competition concerns. The concerns relate to a possible harm to competition.
In a separate case, a UK competition regulator warned that the McCormick and Unilever Foods merger, valued at $65 billion, could harm competition. It gave the companies one week to address its concerns.
In India, customs has detained dozens of containers of bulk Scotch imported by Pernod Ricard and Diageo. Investigators seek a 150% tariff, arguing that bulk Scotch concentrates are not eligible for the reduced 75% duty under the India-UK trade pact. The dispute persists despite assurances from the commerce ministry.
Why it matters
Merger reviews and customs rulings are decisions by public authorities that apply to individual companies. In the two merger cases, the regulator has set out its concerns before any final outcome. In the Scotch case, customs investigators and the commerce ministry have so far taken different positions.
Other policy items add context. The CATO Institute counted equity positions held by the Trump administration in 41 companies as of November, and Democrats could push back on these stakes. Canadian Prime Minister Mark Carney said he may meet US President Donald Trump on the sidelines of the upcoming APEC summit, and that talks between the two countries continue to progress.
India's cabinet approved a fertilizer subsidy package of Rs 62,370 crore. It covers nutrient based subsidy rates for phosphatic and potassic fertilizers from October 1, 2026 to March 31, 2027. For investors, the cases show how decisions by regulators and customs authorities bear directly on named companies.
What to watch next
The first date to follow is the one-week deadline given to McCormick and Unilever Foods. The next question is whether AkzoNobel and Axalta offer undertakings before a Phase 2 referral.
In India, the open point is which duty applies to the held Scotch containers. The possible Carney-Trump meeting at the APEC summit is another open item.
Sources:UCapital Markets (ucapital.com)cnbc.comthehindubusinessline.comeconomictimes.indiatimes.comwsj.comwsj.combusiness-standard.comeconomictimes.indiatimes.com
UCapital24 S.p.A. or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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