Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark will own about 54% of the combined company. Kenvue shareholders will own about 46%.

The combined company will have a large 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 $32 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 announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions.

The deal announced Monday is among the largest corporate takeovers of the year.

Kenvue was thrust into the national spotlight last month when Health Secretary Robert F. Kennedy, Jr. reasserted the unproven link between the pain reliever Tylenol and autism, and suggested people who opposed the theory were motivated by hatred for President Donald Trump.

During a meeting with Trump and the Cabinet, Kennedy reiterated the connection, even while noting there was no medical proof to substantiate the claim.

In July Kenvue, announced that CEO Thibaut Mongon was leaving in the midst of a strategic review with the company under mounting pressure from activist investors. Board member Kirk Perry is serving as interim CEO.

“We will serve billions of consumers across every stage of life,” Kimberly-Clark Chairman and CEO Mike Hsu said in a statement.

Hsu will be chairman and CEO of the combined company. Three members of the Kenvue’s board will join Kimberly-Clark’s board at closing. The combined company will keep Kimberly-Clark’s headquarters in Irving, Texas and continue to have a significant presence in Kenvue’s locations.

The deal is expected to close in the second half of next year. It still needs approval from shareholders of both both companies.

Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.

Kimberly-Clark and Kenvue said that they identified about $1.9 billion in cost savings that are expected in the first three years after the transaction’s closing.

Shares of Kimberly-Clark slipped more than 15% before the market open, while Kenvue’s stock jumped more than 20%.

A 29-year-old man accused of sparking the deadly Palisades Fire, one of the most destructive wildfires in California history, pleaded not guilty Thursday to federal charges.

Jonathan Rinderknecht appeared in federal court Thursday afternoon after arriving in Los Angeles from Florida earlier in the day, his attorney Steve Haney said. A judge ordered that he remain in custody ahead of his trial.

Federal officials said Rinderknecht, who lived in the area, started a small fire on New Year’s Day that smoldered underground before reigniting nearly a week later and roaring through Pacific Palisades, home to many of Los Angeles’ rich and famous.

The fire, which left 12 dead in the hillside neighborhoods across Pacific Palisades and Malibu, was one of two blazes that broke out on Jan. 7, killing more than 30 people in all and destroying over 17,000 homes and buildings while burning for days in Los Angeles County.

Haney told the judge he took issue with the fact that Rinderknecht was facing charges for the Palisades Fire when he allegedly started the smaller fire beforehand known as the Lachman Fire.

“My client is being charged with a fire that started seven days after,” he said.

Rinderknecht was staying at his sister’s house in Orlando when he was arrested by federal officials on Oct. 7. He made his first court appearance the next day in Florida on a charge of malicious destruction by means of a fire.

A week later, a grand jury indicted him on additional charges including one count of arson affecting property used in interstate commerce, and one count of timber set afire. If convicted, he would face up to 20 years in federal prison.

Rinderknecht’s trial is set for December 16.

On Thursday, he appeared before U.S. Magistrate Judge Rozella Oliver wearing a white jumpsuit. His attorney argued that he should be released on bail, based on the evaluation of court officials in Florida.

Rinderknecht has no documented history of mental health issues, drug use, or prior criminal activity, Haney said.

However, the judge in Florida who ordered Rinderknecht to be detained said he had concerns about the Rinderknecht’s mental health and his ability to get to California for future court hearings.

He appeared agitated when the judge in Los Anglees again ordered that he remain in jail, interjecting into the microphone, “Can I actually say something about detainment?”

Haney said they planned to return to the judge with additional evidence for why Rinderknecht should be released on bail.

“He’s a frustrated young man,” Haney said after the hearing. “He doesn’t know why he’s in jail right now.”

Haney said they plan to argue that even if Rinderknecht was the cause of the initial smaller fire on New Year’s Day, there were several “intervening factors” in the week between that day and when the Palisades Fire ignited, mainly the Los Angeles Fire Department.

Rinderknecht made several 911 calls to report the fire, according to a criminal complaint. Federal officials called the Palisades blaze a “holdover fire” from the Jan. 1 fire, which was not fully extinguished by firefighters, the complaint said.

The city’s interim fire chief said such fires linger in root systems and can reach depths of 15 to 20 feet (4.6 to over 6 meters), making them undetectable by thermal imaging cameras.

“They had a duty to put the fire out,” Haney said. “I do think he’s a scapegoat.”

President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals deal at the White House on Monday as the U.S. eyes the continent’s rich rare-earth resources at a time when China is imposing tougher rules on exporting its own critical minerals abroad.

The two leaders described the agreement as an $8.5 billion deal between the allies. Trump said it had been negotiated over several months.

“In about a year from now we’ll have so much critical mineral and rare earth that you won’t know what to do with them,” said Trump, a Republican, boasting about the deal. “They’ll be worth $2.”

Albanese added that the agreement takes the U.S.-Australia relationship “to the next level.”

Earlier this month, Beijing announced that it will require foreign companies to get approval from the Chinese government to export magnets containing even trace amounts of rare-earth materials that originated from China or were produced with Chinese technology. The Trump administration says this gives China broad power over the global economy by controlling the tech supply chain.

“Australia is really, really going to be helpful in the effort to take the global economy and make it less risky, less exposed to the kind of rare earth extortion that we’re seeing from the Chinese,” Kevin Hassett, the director of the White House’s National Economic Council, told reporters Monday morning ahead of Trump’s meeting with Albanese.

Hassett noted that Australia has one of the best mining economies in the world, while praising its refiners and its abundance of rare earth resources. Among the Australian officials accompanying Albanese are ministers overseeing resources and industry and science, and Australia has dozens of critical minerals sought by the U.S. because they are needed in everything from fighter jets and electric vehicles to laptops and phones.

The agreement could have an immediate impact on rare earth supplies in the United States if American companies can secure some of what Australian mines are already producing, although it will take years — if not decades — to develop enough of a supply of rare earths outside of China to reduce its dominance.

Pini Althaus, who founded USA Rare Earth back in 2019 and is now working to develop new mines in Kazakhstan and Uzbekistan as CEO of Cove Capital, said it will be crucial that the contracts to buy materials from Australian mines include price floors, similar to what the U.S. government promised MP Materials this summer, to protect against China manipulating prices.

For decades, China has used the tactic of dumping excess critical minerals onto the market to drive prices down to force mining companies in the rest of the world out of business to eliminate any competition.

“I think taking away that arrow in the quiver of China to manipulate pricing is an absolute crucial first step in Australia and the West being able to develop critical minerals projects to meet our supply chain demands,” said Althaus, who has spent nearly a quarter-century in the mining business.

The agreement underscores how the U.S. is using its global allies to counter China, especially as it weaponizes its traditional dominance in rare earth materials. Top Trump officials have used the tactics from Beijing as a rallying cry for the U.S. and its allies to work together to try to minimize China’s influence.