Estée Lauder is considering a takeover bid for all of Puig’s Class B shares at 18 to 19 euros ($21.12 to $22.29) per share, as negotiations progress toward a potential combination that would create the world’s largest premium beauty player. Puig shares traded at 17.84 euros ($20.93) on Wednesday, down 27% from their May 2024 IPO price. Estée Lauder plans a mixed cash-and-shares offer and has mandated JP Morgan to arrange approximately 5 billion euros ($5.87 billion) in financing for minority shareholders seeking cash exits. Puig CEO Jose Manuel Albesa said conversations are ongoing but no final decision has been made, with financial and governance issues still to be resolved.

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