Kimberly-Clark has received clearance from New Zealand’s Commerce Commission to acquire Kenvue – subject to the divestment of Kenvue’s feminine hygiene business in New Zealand and Australia.
The deal forms part of Kimberly-Clark’s global acquisition of Kenvue and includes an undertaking requiring the company to sell Kenvue’s feminine hygiene business to a purchaser approved by the commission within a specified timeframe.
Commerce Commission deputy chair Anne Callinan said the divestment was necessary to address competition concerns arising from the transaction.
“Without the divestment, the proposed transaction would result in the merger of two significant suppliers of feminine hygiene products in New Zealand – Kenvue and Kimberly-Clark,” Callinan said.
However, she said that selling the Kenvue feminine hygiene business to a suitable third-party purchaser would ensure that Carefree and Stayfree would continue to compete under separate ownership.
“Given this, the Commission is satisfied that the proposed transaction is unlikely to substantially lessen competition in any relevant market,” she added.
Kimberly-Clark announced its plan to acquire Kenvue in March in a global transaction valued at US$48.7 billion. According to Forbes, the combined company is expected to generate approximately US$32 billion in annual revenue.
