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Unilever is working with Houlihan Lokey to offload parts of its food business in Europe, two sources tell Axios Pro.

Why it matters: It's another major strategic trimming its food portfolio.

Zoom in: Divisions in play could include the European business of Hellmann's mayonnaise and the soup and condiment brand Knorr, per the sources.

Flashback: Unilever acquired Hellmann's and Knorr when it spent $20.3 billion in 2000 to acquire Bestfoods, creating the second biggest food business in the world at the time.

What they're saying: In March, Unilever CEO Fernando Fernandez said there were €1 billion of food brands in Europe that "don't fit well with our portfolio going forward."

In September, Fernandez called out the two brands more specifically, saying "Hellman's is a machine. You know we have a 45% share [in the U.S]...a very strong share in Europe," he said.

"I feel Knorr is a more difficult animal because it is a bit less consistent and I don't believe that the quality of our marketing in Knorr has been at the level of the quality of our marketing in Hellmann's."

"There is a lot of work to be done in Knorr, and we are not there yet."

The intrigue: Hellman's, which Unilever's website says is a €2 billion brand, has been losing ground to less expensive entrants like Duke's Mayo and Mike's Amazing mayonnaise.

Catch up quick: Last year, Unilever said it would begin to streamline its food business, though the executive leading that initiative was let go in February.

Unilever began the process of spinning off its ice cream unit, but was delayed by the government shutdown. 

Zoom out: Big Food strategics are revamping their business lines.

In July, Ferrero agreed to buy WK Kellogg in a $3.1 billion deal.

In September, Kraft Heinz split into two publicly traded companies: Global Taste Elevation Co. and North American Grocery Co.

Pepsi is also being pressured to spin off several of its brands.

Houlihan declined to comment, and Unilever did not return a request for comment.

Scoop: Unilever looks to divest food business in Europe

Divisions in play could include the European business of Hellmann's mayonnaise and the soup and condiment brand Knorr.

an illustration of a footlong sandwich stuffed with turkey, tomatoes, lettuce, onions and dollar bills 

Unilever is working with Houlihan Lokey to offload parts of its food business in Europe, two sources tell Axios Pro.Why it matters: It&#x27;s another major strategic trimming its food portfolio.

Scoop: Unilever looks to divest food business in Europe

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