Australia's competition regulator has approved Kimberly-Clark's proposed $40 billion takeover of Kenvue, on condition ​the company divests Kenvue's Carefree ‌and Stayfree period care brands in the country to address competition concerns.

Here are the details:

• The Australian Competition and Consumer Commission (ACCC) ‌said ​the period care brands ⁠should be divested ⁠to an approved purchaser.

• The regulator said without the divestment, the deal could lessen competition in period care ​products supply, with both companies being two of the three major ⁠suppliers of period care ⁠products in Australia.

• The deal, ​announced in November, would allow Kimberly-Clark to ​bring in Kenvue's famous global brands ‌such as Listerine mouthwash and Neutrogena, but would expose the company to lawsuits Kenvue faces over Tylenol.

• Kimberly-Clark ⁠has also sought approval from EU regulators for the takeover, documents on the EU ⁠Commission's website ‌showed last week.

• "The divestiture ⁠will preserve an independent competitor ​in ‌the supply of period care ​products in ⁠Australia and maintain the competition that would otherwise be lost through the acquisition," ACCC Commissioner Philip Williams said.