J&J to hold 9.5% stake in Kenvue after share exchange offer

(Reuters) – Johnson & Johnson 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.

(Reporting by Bhanvi Satija and Mariam Sunny in Bengaluru; Editing by Anil D’Silva)