Estée Lauder ends Puig talks

Estée Lauder has officially terminated merger discussions with the Spanish beauty group Puig, ending hopes for a combined entity that would have been valued at approximately $40 billion.

The collapse of the deal, which would have united brands like MAC and Clinique with Charlotte Tilbury and Jean Paul Gaultier, reportedly stemmed from disagreements over which family would hold the ultimate balance of power.

Following the news, Estée Lauder's shares surged by 11% in premarket trading as investors reacted positively to the standalone strategy.

Conversely, Puig's stock suffered a sharp decline of over 14% on the Madrid exchange, marking its worst day since going public.