Talks for a merger between Puig and Estée Lauder ended today without an agreement between the two parties, according to a statement sent to the CNMV (National Securities Market Commission) tonight. Puig’s CEO José Manuel Albesa stated in a statement that “we appreciate the fruitful conversations held with The Estée Lauder Companies.”
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After the failed deal, the executive added that “Puig has a solid track record of growth and performance superior to the premium beauty market.” The union of the two companies would have created a group capable of competing with the sector leader L’Oréal.
The news of the talks between the two companies broke on March 23 of this year, although the owners had been negotiating for months. The possible deal raised a lot of expectations in Spain due to the consequences of losing the headquarters of a large company and whether it would stop trading on the Ibex.
Looking ahead, Albesa indicated that “we remain focused on executing our strategy, achieving profitable growth, and prioritizing the interests of all our stakeholders. This decision does not change our strategic roadmap. We continue strengthening our position in the premium beauty sector, our brand-focused approach, our creativity, our agility, and our disciplined growth.”
The CEO also highlighted that “our solid capital structure provides us with the necessary flexibility to explore various strategic options aligned with our long-term priorities. We will continue to take a highly selective and value-oriented approach to mergers and acquisitions to further complement our portfolio. Today, we reaffirm our confidence in our flagship brands and our exceptional teams, as well as in our strength as an independent company for long-term value creation.”
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