By merging with Kenvue, it would create a consumer goods business with $32bn a year in sales, and a potential to reduce annual costs by $1.9bn. That, taxed and capitalised, would be equivalent to a lump sum of about $15bn. Kimberly-Clark shareholders would end up with 54 per cent of the new company, a stake whose value would be roughly aligned with the group’s worth pre-announcement, whereas, between the cash and their share of the new group, Kenvue’s would get a 50 per cent uplift to the value of the company on Friday.