Estée Lauder and Puig Merger Collapses, Shares Drop Sharply
The proposed merger between Estée Lauder and Spanish beauty company Puig has collapsed due to a change-of-control clause held by Charlotte Tilbury. As a result, Puig's shares fell 15% while Estée Lauder saw its biggest intraday gain in two years.
Tickers: $EL
Topics: beauty industry corporate merger stock market reaction