Puig seen down 10-12% after Estée Lauder merger talks end

Estee Lauder Companies

22/05/2026 07:57

By Mireia Merino

** Shares of Puig PUIGb.MC are indicated to fall between 10-12% after the Spanish beauty group ended merger talks with Estée Lauder, pushing investor focus back to its standalone growth outlook

** J.P.Morgan says the collapse of the talks removes a possible deal premium and refocused attention on operating trends, with fragrance growth normalising and pressure persisting in the Middle East and travel retail

** Puig reported organic sales growth of 4.7% for Q1 and reiterated its full-year goals in April, but JPM sees a risk of slower growth in coming quarters

** Estée Lauder shares rose more than 10% in extended U.S. trading on Thursday after the announcement

(Reporting by Mireia Merino)

((Mireia.merino@thomsonreuters.com))