Finally! We just don't get enough mergers these days.
The US cosmetics company Estée Lauder is in talks over a potential merger with the Spanish group Puig, the owner of brands including Jean Paul Gaultier and Rabanne, to create a $40bn fashion and beauty giant.
Estée Lauder is one of the world’s biggest manufacturers of skin care, makeup and fragrances with a portfolio that includes Clinique, Bobbi Brown and Tom Ford Beauty.
Puig, which floated on the Madrid stock market two years ago, owns brands including Charlotte Tilbury, Carolina Herrera and Dries van Noten.
Both brands confirmed that they were holding discussions over a potential “business combination”, but gave no detail on the possible structure of the merger.
“No final decision has been made and no agreement has been reached,” Puig said. “Until an agreement exists, it cannot be guaranteed that any transaction will take place or what its terms would be.”