Puig shares drop after Estée Lauder merger talks collapse
Puig's shares experienced a significant drop after merger talks with Estée Lauder were called off. The shares fell approximately 14 percent, marking a potential worst trading day since their 2024 listing. Estée Lauder's shares, on the other hand, rose more than 10 percent following the announcement.
- ▪Puig's shares fell around 14 percent after merger talks with Estée Lauder ended.
- ▪The merger would have created a luxury beauty group valued at about US$40 billion.
- ▪J.P. Morgan noted that the end of the talks would likely impact Puig's shares as investors shift focus to operating results.
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Open this photo in gallery:The Puig headquarters in Hospitalet de Llobregat, near Barcelona, Spain.Albert Gea/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountPuig’s shares fell around 14 per cent on Friday after the Spanish perfumery and U.S. cosmetics maker Estée Lauder EL-N said on Thursday they had ended merger talks.The shares were at the bottom of Europe’s benchmark STOXX 600 index and could see their worst trading day since their 2024 listing if the losses hold, after the companies scrapped a merger plan that would have created a luxury beauty group worth about US$40-billion.Puig shares had rallied when the discussions became public in March, but they gave up most of those gains on Friday.
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