ACCC clears $40 billion Kimberly-Clark Kenvue deal after period-care brand sale

Australia’s competition regulator cleared Kimberly-Clark’s planned $40 billion takeover of Kenvue only after Kimberly-Clark agreed to divest Kenvue’s Carefree and Stayfree period-care brands in Australia to an approved buyer, aiming to preserve competition in a market with just three major suppliers. The ACCC said the divestment would maintain an independent competitor and prevent the deal from reducing competition in the supply of period-care products. The decision follows a similar clearance by New Zealand regulators, reflecting ongoing scrutiny of cross-border mergers in the consumer goods sector. By allowing the acquisition with the divestment condition, the ACCC signaled it can address competition concerns under Australia’s stricter merger regime while still enabling the transaction. The deal would bring together Kimberly-Clark’s well-known brands with Kenvue’s portfolio, including global names, though it also intertwines with ongoing legal actions tied to Tylenol. Regulators noted that divestitures are targeted to preserve competition specifically in the Australian period-care market, with the EU reviewing the takeover in parallel.