Britain's competition ​watchdog said ‌on Thursday, May 28, ​it ​would not refer ⁠the ​proposed $3.4 billion ​joint venture between Brazilian ​pulp ​producer Suzano and ‌consumer ⁠goods giant Kimberly-Clark ​for ​a ⁠Phase 2 ​investigation.

Kimberly-Clark struck a deal with Suzano to sell a majority stake in its international tissue business, valuing the business at about $3.4 billion.

The deal, structured as a strategic partnership, will form a new joint venture in which Kimberly-Clark would hold a 49% stake, while Suzano will pay about $1.73 billion in cash for the 51% stake.