欧盟有条件批准金佰利收购Kenvue：剥离EEA卫生棉条品牌后放行，属程序性反垄断里程碑

The European Commission has approved, under the EU Merger Regulation, the proposed acquisition by Kimberly-Clark Corporation ('Kimberly-Clark') of Kenvue Inc ('Kenvue'). The approval is conditional upon full compliance with the commitments offered by Kimberly-Clark.
Kimberly-Clark is globally active in the production and sale of personal care products for personal, business, and industrial use. Its brand portfolio includes Huggies and Kotex, among others.
Kenvue is active in the manufacturing and supply of consumer health products. Its brands include Listerine, Nicorette, Neutrogena, and o.b, among others.
The Commission's investigation
The Commission had concerns that the transaction, as initially notified, would reduce competition in the markets for the supply of tampons in particular in Czechia, Estonia, and Slovakia. The Commission's investigation found that the transaction would result in the removal of an important competitor in these markets, where already few other suppliers are present.
The proposed remedies
To address the Commission's preliminary competition concerns, Kimberly-Clark offered to divest all its tampon and other feminine hygiene brands in the European Economic Area ('EEA'), including intellectual property rights, know-how, and associated key employees and relationships. The brands covered by the divestment are Kotex (including the Lidie sub-brand), Camelia, and Record.
These commitments fully address the competition concerns identified by the Commission by removing the horizontal overlap between the companies' activities in the EEA.
Following the feedback received in the context of the market test and consequent amendments to the commitments, the Commission concluded that the transaction, as modified by the commitments, would no longer raise competition concerns.
In today's decision, the Commission has also approved Dilek Gıda Üretim ve Pazarlama Ticaret A.Ş. ('Dilek') as the purchaser of the divested business. Following a careful review of Dilek's business plan with the help of an independent adviser, the Commission concluded that Dilek is a suitable purchaser given that it has, among others, the financial resources to maintain and develop the divested business, as well as the expertise to operate it effectively as a viable and active competitive force.
The decision is conditional upon full compliance with the commitments. Under the supervision of the Commission, an independent trustee will monitor their implementation.
Companies and products
Kimberly-Clark, headquartered in the US, is globally active in the production and sale of personal care products for personal, business, and industrial use. In the EEA, Kimberly-Clark supplies diapers for infants and children, adult incontinence products, and feminine hygiene products. Kimberly-Clark's brand portfolio includes, among others, Huggies and Kotex.
Kenvue, headquartered in the US, is active in the manufacturing and supply of consumer health products. In the EEA, Kenvue supplies over-the-counter drugs, skin health and beauty products, baby care products, feminine hygiene products, and essential health products such as mouthwash and toothpaste. Kenvue's brands include, among others, Listerine, Nicorette, Neutrogena, and o.b.
Dilek, headquartered in Turkey, is a distributor of leading brands in the fast-moving consumer goods sector.
Merger control rules and procedure
The transaction was notified to the Commission on 25 August 2026.
The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the EU Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the EEA or any substantial part of it.
The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II). If commitments are proposed in Phase I, the Commission has 10 additional working days, bringing the total duration of a Phase I case to 35 working days, such as in this case.
For more information
More information will be available on the Commission's competition website, in the public case register under the case number M.12330.