The UK Competition and Markets Authority (CMA) has issued an invitation to comment on the anticipated joint venture between Suzano International B.V. and Kimberly-Clark Corporation, the first step in its Phase 1 merger inquiry. Interested parties may submit views on potential competition effects in the UK by 20 February 2026. The CMA has not yet opened a formal investigation; the invitation forms part of its initial information-gathering process. Pre-notification has commenced, with the CMA confirming receipt of the information required to begin this stage.
The transaction was announced on 3 June 2025 and involves the creation of a global tissue company operating in more than 70 countries. The joint venture, to be incorporated in the Netherlands, will own Kimberly-Clark’s international tissue assets, including 22 manufacturing facilities across 14 countries, approximately 9,000 employees, and a portfolio of regional and global brands such as Kleenex, Scott and WypAll.
Suzano, the world’s largest pulp producer, will acquire a 51% stake for US$1.734 billion, with Kimberly-Clark retaining 49%. The transaction values the joint venture at US$3.4 billion and is expected to close in mid-2026, subject to regulatory approvals and customary conditions. The assets generated net sales of approximately US$3.3 billion in 2024 and have installed capacity of around 1 million tonnes of tissue annually.
Kimberly-Clark will retain its U.S. tissue businesses and interests in certain existing joint ventures. Governance arrangements include a five-member board, with Suzano appointing three directors, and a call option allowing Suzano to acquire Kimberly-Clark’s remaining stake.
The CMA’s review will assess whether the transaction could give rise to competition concerns in UK tissue and related markets.