The $4bn Bid for Kimberly-Clark's Tissue Business

In the industry of tissues, three giants are vying for a $4 billion prize. Southeast Asia's Royal Golden Eagle, Asia Pulp & Paper Co, and Brazil's Suzano SA are the final contenders in the race to acquire Kimberly-Clark's international tissue business.

This coveted asset, known for its iconic Kleenex brand, is up for grabs as part of Kimberly-Clark's strategic restructuring. The trio of bidders is currently knee-deep in due diligence, with binding offers expected by mid-May.

The sale is being orchestrated by financial heavyweights Goldman Sachs and Centerview Partners, though both firms have chosen to remain tight-lipped about the proceedings.

Kimberly-Clark, headquartered in Irving, Texas, has been feeling the pinch from U.S. trade tariffs, which have dented its profit forecasts. However, its international tissue business remains resilient, buoyed by the recent depreciation of the U.S. dollar.

Royal Golden Eagle, owned by Indonesian billionaire Sukanto Tanoto, is eyeing this acquisition as part of its ambitious global expansion plans. The company has a history of successful bids, having acquired a majority stake in Hong Kong-listed Vinda in 2023 and taking it private the following year.

Suzano has also been on the acquisition trail. The Brazilian Pulp & Paper Co giant previously attempted to buy International Paper and has already inked a deal for Kimberly-Clark's Brazilian tissue operations.