Kimberly-Clark Is Picking Bidders for European Tissue Sale

(Bloomberg) -- Centerbridge Partners LP and a group comprised of PAI Partners and Goldman Sachs Capital Partners are in the running to make final bids for Kimberly-Clark Corp.’s European tissue unit, people with knowledge of the matter said.

The business, whose brands include Andrex in the U.K. and Ireland, could fetch 1 billion euros ($1.2 billion) to 2 billion euros in a sale, said the people, who asked not to be identified because the matter is private. Final bids are due in late October, one of the people said.

A representative for Dallas-based Kimberly-Clark didn’t immediately respond to requests for comment. Representatives of buyout firms Centerbridge and PAI, along with the private equity arm of Goldman Sachs Group Inc., declined to comment.

Best known in the U.S. for its Kleenex goods, Kimberly-Clark’s tissue brands include Hakle and Tela in Europe, as well the tissue products made famous by its Andrex puppy advertisements. The company acquired the Hakle and Tela brands from Attisholz Holding AG in a deal valued at 560 million Swiss francs ($365 million) in 1999, according to a company statement at the time.

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