Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $US48.7 billion ($74.49 billion), creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54 per cent of the combined company. Kenvue shareholders will own about 46 per cent in what is one of the largest US corporate takeovers this year.

The combined company will have a huge stable of household brands under one roof, putting Kenvue's Listerine mouthwash and Band-Aid side-by-side with Kimberly-Clark's Cottonelle toilet paper, Huggies and Kleenex tissues. It will also generate about US$32 billion ($48.95 billion) in annual revenue.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago.

J&J first

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