China’s State Administration for Market Regulation (SAMR) escalated its review of Kimberly-Clark’s $49 billion acquisition of Kenvue.
The regulator moved the transaction into a Phase 2 in-depth probe.
A Tsinghua University antitrust expert reportedly triggered the scrutiny by urging a slower review process.
The companies announced the deal in late 2025.
The transaction was expected to close in the second half of 2026.
The investigation adds uncertainty to a merger projected to generate $32 billion in annual revenue.