Key facts
- Kimberly-Clark has requested approval from the European Commission for its intended acquisition of Kenvue.
- The European Commission has set a provisional deadline of September 29 to rule on the deal.
- The proposed acquisition has been valued at about $49 billion on an enterprise-value basis.
- The European Commission previously cleared the transaction under the bloc’s Foreign Subsidies Regulation in June.
- China has subjected the transaction to a more extensive antitrust examination, moving into a Phase 2 review.
- Kimberly-Clark expects to achieve $2.1 billion in annual cost savings from the deal.
Kimberly-Clark has formally requested European Union antitrust clearance for its planned acquisition of Kenvue, a significant step in the multibillion-dollar combination. The European Commission has set a provisional deadline of September 29 to rule on the deal.
The proposed acquisition, valued at approximately $49 billion on an enterprise-value basis, aims to bring together Kimberly-Clark's household and personal-care products with Kenvue's portfolio of consumer-health brands, including Tylenol, Band-Aid, Listerine, and Neutrogena. Kimberly-Clark anticipates annual cost savings of $2.1 billion and expects the combined company to generate roughly $32 billion in annual revenues.
This filing marks another key regulatory hurdle for the transaction. The European Commission had previously cleared the deal under the bloc’s Foreign Subsidies Regulation in June, a review separate from the current merger-control process. In January, shareholders from both companies overwhelmingly approved the combination. Other regulatory reviews have also progressed, with India's Competition Commission approving the acquisition in May and New Zealand authorities examining product overlap, prompting a proposed divestment of Kenvue's feminine-hygiene operations in New Zealand and Australia.
However, China's State Administration for Market Regulation has initiated a more extensive Phase 2 review of the transaction. The waiting period under the US Hart-Scott-Rodino antitrust law expired in February. The companies continue to target completion in the fourth quarter of 2026, subject to remaining foreign regulatory approvals and other customary closing conditions.