Finance

Exclusive-Kimberly-Clark prepares asset sales to win EU nod for Kenvue deal, sources say

Published by Global Banking & Finance Review

Posted on September 14, 2026

2 min read

· Last updated: September 14, 2026

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Kimberly-Clark Plans Asset Sales to Address EU Concerns Over $40B Kenvue Deal

Kimberly-Clark's Strategy and Regulatory Response

By Foo Yun Chee

Concessions to Address EU Antitrust Concerns

BRUSSELS, Sept 14 (Reuters) - Kimberly-Clark is preparing concessions to address EU antitrust concerns about its bid for Tylenol maker Kenvue that could help it win approval for the $40 billion deal after a preliminary review, people familiar with the matter said.

Kimberly-Clark shares rose more than 2.7% on the news in early trading while Kenvue gained 2.3%.

Deal Overview and Brand Portfolio Expansion

The maker of Kleenex tissues and Huggies diapers announced the deal in November last year that would add Kenvue's vast portfolio of brands from Listerine mouthwash to skincare brands Aveeno and Neutrogena to Kimberly-Clark's range of products.

EU Regulatory Process and Timeline

The European Commission, which acts as the EU competition enforcer, is set to formally inform Kimberly-Clark of its concerns this week, the people said.

Preliminary Review and Potential Outcomes

This would determine whether the company submits concessions during the regulator's preliminary review which ends on September 29 to secure the EU green light, or waits until it opens a full-scale four-month-long investigation after the end of that preliminary assessment.

Comments from Stakeholders

The Commission declined to comment. Kimberly-Clark and Kenvue did not respond to emailed requests for comment.

Global Approvals and Market Conditions

The deal was cleared in Australia last week on condition Kimberly-Clark divests Kenvue's Carefree and Stayfree period care brands in the country. It secured conditional approval in South Africa last month.

Consumer Goods Environment

The deal comes amid a challenging consumer goods environment, with shoppers looking for value and companies responding by investing in smaller pack sizes and cutting underperforming units.

(Reporting by Foo Yun Chee; Editing by Louise Heavens, Jan Harvey and Tomasz Janowski)

References

Frequently Asked Questions

Why is Kimberly-Clark preparing asset sales for the Kenvue deal?

Kimberly-Clark is preparing asset sales as concessions to address EU antitrust concerns and improve the chances of receiving regulatory approval for its $40 billion Kenvue acquisition.

What is the value of the Kimberly-Clark and Kenvue deal?

The Kimberly-Clark and Kenvue acquisition deal is valued at $40 billion.

What brands are involved in the Kimberly-Clark Kenvue deal?

The deal would add Kenvue's brands, including Tylenol, Listerine, Aveeno, and Neutrogena, to Kimberly-Clark's portfolio.

Has the Kimberly-Clark Kenvue deal been approved in other regions?

The deal was approved in Australia with conditions and has also received conditional approval in South Africa.

What is the EU regulatory process timeline for the Kimberly-Clark Kenvue deal?

The European Commission is concluding a preliminary review by September 29, after which it may require further investigation or grant approval if concerns are addressed.