On Monday, November 3, Kimberly-Clark Company, the maker of Kleenex, and Kenvue Inc., the producer of Tylenol, introduced an settlement during which Kimberly-Clark will purchase Kenvue for $48.7 billion via a mixture of money and inventory.
In current months, Kenvue has been difficult unverified claims by the Trump administration linking Tylenol to autism, inflicting firm shares to plummet.
“In July, Kenvue introduced that CEO Thibaut Mongon was leaving within the midst of a strategic assessment with the corporate beneath mounting strain from activist buyers,” APNews’ Michelle Chapman reported. Kirk Perry, a board member, is at present appearing as interim CEO.
Underneath the brand new deal, shareholders of Kimberly-Clark will personal about 54 p.c of the mixed firm, and Kenvue shareholders will personal about 46 p.c, Chapman wrote.
“Shares of Kenvue rebounded strongly on the deal announcement, rising 20 p.c in premarket buying and selling,” Lauren Hirsh reported for The New York Occasions. “Kimberly-Clark’s inventory fell about 15 p.c, which if sustained would drag the corporate’s worth right down to a multiyear low.”
“We’re excited to convey collectively two iconic corporations to create a world well being and wellness chief,” stated Mike Hsu, Kimberly-Clark Chairman and CEO, in an announcement.
“Our mixture with Kimberly-Clark unites two extremely complementary portfolios stuffed with iconic, beloved manufacturers and on a regular basis necessities that individuals belief and rely on all through their lives,” stated Kirk Perry, CEO of Kenvue, in an announcement.
