Estee Lauder slips on report of progress in merger talks with Puig
Shares of cosmetics giant Estee Lauder EL.N down 2.2% to $69.14 premarket after report that co is advancing talks on merger with Spanish firm Puig PUIGb.MC
Bloomberg News reports discussions are progressing toward a mostly stock‑based deal between the two family‑owned companies
Firms said last month they were exploring a tie‑up that would create a $40 bln luxury beauty group, combining brands such as Tom Ford, Carolina Herrera, Rabanne and Clinique
Deal could be formally announced within weeks, according to the report
Puig Executive Chairman Marc Puig is expected to join the board and play a key role in integrating the businesses, Bloomberg says
10 out of 26 analysts rate stock "buy" or higher, 15 rate it "hold", one "sell"; median PT at $105 - data compiled by LSEG
As of last close, EL stocks down 32.5% YTD
