Estée Lauder in talks to merge with Spanish beauty firm Puig, shares fall amid uncertainty.

Estée Lauder announced it is in discussions to potentially merge with Spanish beauty company Puig, which owns brands like Charlotte Tilbury and Jean Paul Gaultier. No final decision or agreement has been made yet. Following the news, Estée Lauder's shares dropped nearly 8%, while Puig's stock rose about 3%. Estée Lauder has faced challenges including tariff impacts and restructuring efforts, with its stock down roughly 25% this year.