The European Commission has cleared Suzano’s planned acquisition of Kimberly-Clark’s International Family Care & Professional (IFP) business in an unconditional Phase I decision. According to the Commission, the transaction does not raise competition concerns in the European Economic Area (EEA).
The deal, which was notified on 31 March 2026, concerns the acquisition of Kimberly-Clark IFP NewCo B.V., a newly established Netherlands-based subsidiary of Kimberly-Clark Corporation that was created for the proposed transaction Kimberly-Clark IFP business includes the production and sale of tissue products such as toilet paper and facial tissues across Europe, Africa, South and Central America, Puerto Rico, the Middle East, Asia and Oceania.
Brazilian pulp producer Suzano is the world’s largest suppliers of bleached eucalyptus kraft (BEK) market pulp, a key raw material used in tissue production. Suzano also manufactures tissue products in its domestic Brazilian market.
In its assessment, the Commission focused in particular on the vertical integration aspects of the transaction, namely the combination of a major BEKP supplier with a tissue products manufacturer.
According to the Commission, rival tissue producers in the EEA would continue to have sufficient access to BEKP following the merger. Suzano’s market share in the EEA was described as moderate, while several alternative pulp suppliers remain active in the market. The Commission also pointed to currently available spare capacity in the BEK pulp market.
The Commission further noted that tissue manufacturers in the EEA generally source BEK pulp from multiple suppliers and would not face major barriers when switching suppliers if necessary. In addition, Brussels concluded that the relatively limited market position of Kimberly-Clark IFP in the EEA would make it difficult for the merged company to profitably foreclose competing tissue manufacturers.
The Commission therefore concluded that the combined entity would neither have the ability nor the incentive to restrict access to BEK market pulp for other tissue producers in the EEA.
