Estee Lauder eyes Puig bid at 18-19 euros per share: source

• The proposed bid values Puig's Class B shares at 18-19 euros per share
• A merger would unite premium brands such as Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier, and Clinique under one company
• Financial and governance issues remain unresolved as negotiations between the two cosmetics companies continue

Summary

Key Development:

Estee Lauder is considering a takeover bid for Spanish beauty group Puig at 18-19 euros per share, according to sources. The potential deal would create the world's largest premium beauty company.

Companies and Brands:

The acquisition would unite major luxury beauty brands under one umbrella, including Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier (Puig's portfolio) and Clinique (Estee Lauder). The target is Puig's Class B shares.

Deal Timeline:

• March 2026: Both companies confirmed they were in acquisition talks
• April 29, 2026: Pricing details emerged at 18-19 euros per share

Current Status:

Negotiations are ongoing, with financial and governance issues still requiring resolution. Neither Estee Lauder nor Puig provided official comments on the reported pricing. Spanish newspaper Expansion first reported the specific bid range.

Market Implications:

This consolidation would significantly reshape the premium beauty sector, concentrating substantial market power in fragrances and cosmetics. The deal represents Estee Lauder's strategy to expand its luxury brand portfolio and strengthen its competitive position against rivals like L'Oréal and LVMH in the high-end beauty market.

The combination would leverage Puig's strong fragrance heritage and fashion house licenses with Estee Lauder's established skin care and cosmetics expertise, potentially creating operational synergies and enhanced distribution capabilities across global markets.

Note: Exchange rate reference provided at $1 = 0.8554 euros.