Estee Lauder is reportedly in discussions with Spanish beauty group Puig regarding a potential business combination. The deal would unite major brands including Tom Ford, Carolina Herrera, Rabanne, Bobbi Brown and Clinique.
Puig is valued at approximately $10 billion and owns popular brands like Carolina Herrera and Charlotte Tilbury. The combination would create a global beauty industry giant.
Following reports that a deal is nearing completion, shares of Estee Lauder declined, closing down around 7 percent. Negotiations between the two companies are currently ongoing.