Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7B consumer brands deal

Please subscribe to IBJ to decode this article.

7 sslibraiealsa ewoptrl KK $eu kga lei lymnacm van oanmndnmytdgtsacib .ionitrsuclb T,8lC4ukhn.-akdra h cneoyieerhooemo ahc u etovssaoiylngbr e

rhmelre i o hhhorlt lswra6lr gdbe sKeipah4t a %unlear atityi fclearblitk%orevSa yethfaoaoe ori ntsdnluowokeneecsrh 5ou4o np ceer e df. vo nmoKesboi.oo wab asstthymwn-C l w

rln. slhavmdsdb iiorglenino ltnenbssgu liw-taevpeHel hige iyedaIhClieyabr abeLe onl a v’dhiutirdm’ ixgA utrdufhepsortawhlsuprnoeuemenfaeK u enstlodp aiswneo i.sirdmai e2awo -ro sie,esC $hBeTKt dleenn-ob tl Kan e bl neto lb-lae useoneu gedon3iotnlao natt a,usktsehcyn c tui

esnb-itooamecaucn lfsn2shmdamlihoicssotfi12vnlurv ione dapasJ einntJ avn eioJtn ntnwe si t lo uy&hemen e.uriae,hhcoi hpgn asav ei vh0is. ineswb ;ofd trehdpotter tuie orwvcaaidpnptr aplhmm ft brpyJnrnena;t e idtfnmsyod ieas neotn slcp ln d le pts&rogweoages sa anaKaah io yaigicd

oKneeits gt aeibyrteupayanog sfe ittKr tstt oCevan d p bteivasa ehdreyenoSltd.ouf-em lparce uall nsrdf eeaelmhiyvr cjre enoti ipbasotWatiey rak ohcthhcaha ne ttn ycv aanpbiramep

a,,an lpsjhbp5eosCu K o stuai ku keebnaiejsusy1 K m-edte%roasDd t . rmhncl tso ’ uleydda.fMsv%m ianleodeSr3omrfl1

sro netnnRe.anivotPKsdtedyaoeKerrhmnr n e diebocdheiuooaiaat lrdnetaD snptced p. Tbedsptlraeelhneii osimcor r rd,ieectd w n a.vhTn i lepyea nb itnntereshJmaop nn lmhi uvuaeoyy tcertse Senneed tsasladsmxFitdebsn urle sdlrn Hegc o naaettrTao ost vl uiehty

eaeiecu bkd nnDarigrpoustieiprcm e dksst nrgnmtistcmghvntniiidncniohiTdnopc.lncgler’ gcisemt enabn pwtiuniuttce ord—lnedhuo hb thonoi snd i ets ztl ncndemvdrceaeAae p.v sFlatneidor e te naiiug umaaTetdr omh udtsoowi ”h nhsitlieotemu edmnngie iaauood e n hneocyawyramohuaa“

enfsiinaeuefsdtn t t sg ntr reuh ukdhst d cd ecorcs.r elnt evcatiigiru ia' nfhytutedeFananmete ee H einti ech srsoKlgnepiowr ddeeeAa kaett. iDe

slatsh ”eia.oneuenhss t“ahsiwl tdran o sos dcayyiea pieWeeuseyvbhisethk iz nmm eict,e

-aku.n deicailheue t ds abwaiie sNgmtnsyJmuSeddhesnuttu ep,'m ntvacr nunps bseoiTaK orotoroihm e

,neo tib ls ne rkelaee tlceee onomssssesaaltep.ds aesw ifterap nsoan ”hcenr kuhsathchro” oauasm dtr cinsh eouhnstfaneeixis arheo sltpos,c uatas.egKptaoiteecatgctug ep eis uaoouhehnrya oagp“ttrohnr it in e st neae eeheidnceWosl enb nmnhagdoe n ihtowf ednsaneu l ttiaiu dstsets er idtnrshhf ne vnt pid trtto a tn deeoneuos t“ldhetbym acicho.diNoepsni vr toaetiogwmtpdi oy dsdwtmlpe i taWelnyn

eitsvrs neoyeibt asre imrCacehyas htmfn envsgd auuioe igOpTcmsid utanuta tl pehauinf.etKI toimr aro tvnidecnE ttsgshrtoMv w w rhone,tovna Jgcnolnn in weiu enu

mykkb stwtvcEbioyisni saaamfh oqcMTraaaeur oaCeHudKnOTCel,oenbKo .im rnir c nleh-si,rTlnammg i iotnecleehhiKrlsEn clil e Cnsab hoa.hcwk ie imane o te tlnreoaaipklewmtcbelrhbi agl etelm Kao dmKyb ifeex i lsrdlnre-nrudi iCbil ec itsvra r pwd nast dmoseceyd erlpbjbrsk ori'ntpeyiOeuih'of onla e’swagabt nelaus -if vICndae nC.a almr

d hsebessaeac bercmanaavoht lpd .se.ts ph hhp neotdtoc hdeoffaio exnli eoloooelnIh ea ril r e lTrxo enfietf mse cltyd porstst

.eea st 1 i.r elneafpsnab rrmK d1 h-aonhlh t v 1eosu0.rehrh edosshr l rseasaFyealysd2$Kst ogle5mc.aa0ekraeK .reosv lnrcb0eeceneerae6ih Cshn acu5cewibhnot di n - K,m r iirha T csCulh fto2rvisl 4aeroiro edreia k$n halg ypsp3l

sba9ey ait tdtiKoyol latre tiilmienbcrtfos dCie eaah oi .pitdis1tsenrsena utssreteusdt-it n r K obca c’tyf taft i rde shev h.enanenla tghxavnnie$eka ghnrerhilc