The US multinational Johnson & Johnson is divesting a large part of its shares in Kenvue. Following an exchange of shares between J&J and Kenvue that closed on 18 August, Johnson & Johnson proposed this offer to Kenvue last July to let go of the reins of Kenvue.
The US company will now retain a stake of around 9.5% in the consumer health unit of the Kenvue brand. As indicated by media outlets such as Cosmetics Business, and news agencies such as Reuters, J&J shareholders will accept 190 million shares offered in exchange for 1.5 shares of Kenvue common stock.
Johnson & Johnson launched Kenvue in September 2022 with the intention of separating the consumer health and personal care segments. Johnson & Johnson stated at the time that this separation was another step towards the specialisation and innovation that the US multinational had set out in its roadmap for pharmaceutical and medical technology.
Both Kenvue and Johnson & Johnson predict good results for this financial year. In the share transfer transaction Goldman Sach and JP Morgan will act as managers and executors of the offer.
Kenvue distributes brands such as Neutrogena, Listerine, Aveeno and in the second quarter of 2023, its consumer division achieved sales of almost $4 billion. This was 5.4% growth for the brand compared to the same period last year, when Johnson & Johnson still held the consumer segment.