The European Commission has approved Kimberly-Clark Corporation’s proposed US$40 billion acquisition of Kenvue Inc. under the EU Merger Regulation, subject to commitments requiring Kimberly-Clark to divest its Kotex, Camelia and Record feminine hygiene brands in the European Economic Area (EEA) to Turkish company Dilek.

The Commission's investigation

The Commission’s investigation identified concerns that the transaction, as initially notified, would reduce competition in the tampon markets in Czechia, Estonia and Slovakia, and concluded that the acquisition would remove an important competitor in these markets, where relatively few other suppliers are present.

Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition at the European Commission, said: “One of the issues that concerns many women is the price of feminine hygiene products. These are essential products that women cannot do without. That is why, when assessing Kimberly-Clark’s acquisition of Kenvue, we paid particular attention to the risk of reduced competition in the tampon markets in Czechia, Estonia and Slovakia.

“Kimberly-Clark’s commitment to divest its feminine hygiene brands, including Kotex, Camelia and Record, will preserve competition, choice and affordable prices for women.”

Divestment package

To address the Commission’s concerns, Kimberly-Clark committed to divest all its tampon and other feminine hygiene brands in the EEA, including the associated intellectual property rights, know-how, key employees and commercial relationships.

The brands covered by the divestment are:

• Kotex, including its Lidie sub-brand
• Camelia
• Record

According to the Commission, the commitments remove the overlap between the companies’ activities in the EEA that gave rise to the competition concerns.

Approved buyer

The European Commission also approved Dilek Gıda Üretim ve Pazarlama Ticaret A.Ş., a Turkey-based consumer-goods company, as the purchaser of the divested business. Following a review of Dilek’s business plan with support from an independent adviser, the Commission concluded that the company has the financial resources and operational expertise to maintain and develop the business as a viable competitive force

The approval is conditional on full compliance with the commitments. An independent trustee will monitor their implementation under the Commission’s supervision.

Divestment requirements vary by market

The European decision differs from the remedies required in Australia and New Zealand, where Kimberly-Clark has been required to divest Kenvue’s Stayfree and Carefree brands. While the European commitments concern Kimberly-Clark’s own feminine hygiene portfolio, the measures in Australia and New Zealand involve brands owned by Kenvue. The remedies are intended to address competition concerns in the respective markets.

Companies

Kimberly-Clark’s portfolio includes Huggies and Kotex, while Kenvue’s brands include Listerine, Nicorette, Neutrogena and o.b. Kenvue operates in consumer health, including over-the-counter medicines, skin health and beauty, baby care and essential health products.

Dilek, headquartered in Turkey, is a distributor of leading brands in the fast-moving consumer goods sector. Dilek Grup expanded its presence in personal hygiene in 2025 by acquiring Ontex’s Turkish operations, including the Canbebe and Canped brands and a production facility in Istanbul. 

The transaction was notified to the European Commission on 25 August 2026.

Related coverage: Kimberly-Clark launches Kenvue debt exchange ahead of acquisition, Kimberly-Clark weighs EU concessions to unlock Kenvue deal, Kimberly-Clark wins shareholder approval to acquire Kenvue, Kimberly-Clark to Acquire Kenvue