US cosmetics giant Estée Lauder is in talks to combine with Spanish beauty group Puig, which is behind designer brands including Jean Paul Gaultier and Dries Van Noten, to create a more than $40bn company.
Both companies on Monday separately confirmed they were holding discussions over a potential “business combination”. However, they stressed that no final decisions had been made and an agreement was yet to be reached.
The statements confirmed an earlier FT report that Estée Lauder and Puig were working on a combination. The FT reported the pair were nearing a merger deal which could come together imminently.
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