大宝与高洁丝将成“同门”，金佰利并购科赴背后：股价一跌一涨，市场在担忧什么

Core Viewpoint - The merger between Kimberly-Clark and Kenvue, valued at $48.7 billion, represents a strategic move to enhance their market position in the consumer health sector, particularly in personal care products [1][3][5]. Group 1: Merger Details - Kimberly-Clark will acquire all outstanding shares of Kenvue through a cash and stock transaction, with an overall valuation of $48.7 billion for Kenvue [1]. - The merger is expected to be completed in the second half of 2026, with projected sales for the new company reaching $32 billion by 2025 [3]. - Post-merger, Kimberly-Clark shareholders will hold 54% of the new company, while Kenvue shareholders will hold 46% [8][11]. Group 2: Strategic Rationale - The merger is seen as a strategic move rather than a mere opportunistic acquisition, focusing on enhancing product offerings in the fast-growing personal care category [5][11]. - Both companies have complementary strengths: Kimberly-Clark excels in baby care and feminine health, while Kenvue has advantages in oral and skin care [7][11]. - The merger aims to cover health needs across various life stages, including infant care, women's health, and family care [5][7]. Group 3: Market Reaction - Following the announcement, Kimberly-Clark's stock fell by 14.57%, while Kenvue's stock rose by 12.32%, indicating investor skepticism regarding the merger's potential benefits [8][11]. - Concerns include Kenvue's recent performance decline, with a 4.4% drop in organic sales in Q3, contrasting with Kimberly-Clark's 2.5% growth [11]. - The market is cautious about the integration process, which may face challenges due to the similar size of both companies [4][11].