Deals

Kimberly-Clark to Call Off European Tissue Sale: FT

Kimberly-Clark Corp. Kleenex brand facial tissues are arranged for a photograph in Tiskilwa, Illinois, U.S., on Friday, Oct. 16, 2015. Kimberly-Clark is scheduled to report earnings figures on October 21.Photographer: Daniel Acker

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By Kimberly Yuen

November 17, 2018 at 3:51 PM UTC

Updated on

November 17, 2018 at 4:16 PM UTC

This article is for subscribers only.

Kimberly-Clark Corp. has given up trying to sell its European tissue business, the Financial Times reported, citing people close to the situation, after the unit fetched much less than the $1.2 billion it was anticipated to receive.

The sale gained interest from private equity firm Centerbridge Partners LP and a group including Goldman Sachs Capital Partners and PAI Partners SAS. The Goldman consortium initially bid about $1.4 billion but then lowered its offer to below $900 million citing factors including Brexit, according to one person close to the process.