Estée Lauder and Spanish perfumery Puig officially terminated discussions for a $40 billion merger. The companies ended the talks on May 21, 2026, to focus on independent growth strategies.
CEO Stéphane de La Faverie remains confident in the company’s Beauty Reimagined turnaround plan. The potential business combination was first disclosed in March 2026.
Estée Lauder shares jumped over 10% in after-hours trading following the announcement. Investors and analysts expressed relief over the decision to avoid high debt and integration hurdles.