April 29 (Reuters) – Cosmetics giant Estee Lauder is considering launching a takeover bid for all of Puig’s Class B shares at 18 to 19 euros ($21 to $22.20) a share, said a source close to the matter.
The two companies said in March that they were in talks over a potential business combination that would create the world’s largest premium beauty player and bring brands including Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier and Clinique under one roof.
Shares in Barcelona-based Puig fetched 17.84 euros in Wednesday afternoon trading, down 2.4% on the day. The shares have failed to pick up since the company’s debut in May 2024 and are now 27% below the initial public offering price.
Spanish newspaper Expansion, which first reported the pricing, said that negotiations between the two parties were continuing, with financial and governance issues to be resolved.
Puig and Estee Lauder declined to comment.
($1 = 0.8554 euros)
(Reporting by Javi West Larrañaga, Andres Gonzalez and Abigail SummervilleEditing by Andrei Khalip and David Goodman)
