Stock Market News
J&J to hold 9.5% stake in Kenvue after share exchange offer
2023.08.21 07:05
© Reuters. FILE PHOTO: The company logo for Kenvue Inc. Johnson & Johnson’s consumer-health business, is displayed on during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermid/File Photo
(Reuters) – Johnson & Johnson (NYSE:) said on Monday it was expecting to retain a stake of about 9.5% in its newly separated consumer health unit, Kenvue, after completing a share exchange offer.
Shares of the consumer health company rose 1.4% in premarket trading.
J&J launched the exchange offer last month under which its stockholders could opt for shares of the former consumer health unit related to the spinoff.
