Founding families of Estée Lauder and Puig are negotiating a merger in New York to create the world’s largest premium beauty conglomerate.
The proposed cash-and-stock deal would result in a new entity listed on the New York Stock Exchange.
A combined company would generate annual revenues exceeding €20 billion. This scale positions the new group to compete with current industry leader L'Oréal.
Negotiations center on governance and share-exchange ratios as both families seek to maintain control. The potential deal complicates Estée Lauder’s ongoing turnaround plan and has raised concerns among some investors.