Having been on the block since April 2017, RB has zeroed in on the right suitor for its much-in-demand ‘non-core’ food business (includes the top-selling mustard brand, French’s, as well as the Frank’s range of sauces). The winning bid has come from US-based spices and herbs company, McCormick, valuing RB’s food business at $4.2bn (c.£3.2bn), much ahead of the market’s expectations of c.£2-2.4bn (£2.7bn in our NAV estimation). Based on the
