Puig stock soars 15% after Estée Lauder confirms takeover talks with Charlotte Tilbury maker

Estée Lauder said late Monday that a final decision had not been made on any potential deal, first reported by the Financial Times.

It did not disclose any financial terms.

Combining the bigger U.S.-listed Estée Lauder with the smaller Spanish Puig would bring some of the world's biggest beauty and fragrance brands under one roof, including Tom Ford Beauty, Carolina Herrera and Clinique.

Puig had a market capitalization of nearly 8.8 billion euros ($10.2 billion) coming into the trading session, while Estée boasted a $28.7 billion market cap.

Meanwhile, Puig has seen sales grow steadily ever since it went public in 2024 with a portfolio spanning fragrance, skin care, and makeup under brands like Charlotte Tilbury, Nina Ricci, and Rabanne.

Citi analysts noted that investors tend not to favor large-scale deals, evidenced by stock reactions in recent high-value deals such as between food and beverages companies Keurig and JDEP and consumer goods players Kimberly-Clark and Kenvue .