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In its largest acquisition ever, spice maker McCormick & Co. has agreed to buy the food business of Britain’s Reckitt Benckiser for $4.2 billion, adding such popular brands as French’s mustard and Frank’s Red Hot to its lineup of condiments.
Some analysts were expecting a price tag of no more than $3 billion for RB Foods - which has been up for sale since the spring - but McCormick was willing to pay more for a business it believes will make it a condiment powerhouse. Frank’s is the No. 1 hot...