Kenvue becomes ‘fully independent’ after final separation from J&J

Kenvue Inc.
KVUE,
+3.67%
kicks off life as a fully independent public company Wednesday after completing its separation from Johnson & Johnson
JNJ,
-0.79%,
the company said in a release. J&J accepted an aggregate of 191 million shares of its common stock in exchange for 1.53 billion shares of Kenvue’s common stock and now owns 9.5% of Kenvue’s outstanding shares. The exchange offer was more than four times subscribed. Kenvue, which houses brands including Listerine and Neutrogena, is expected to join the S&P 500
SPX,
-0.28%
before the start of trading Friday.