Marc Puig, executive chairman of Puig, during the presentation of the 2025 financial year results on February 18, 2026. Credits: Puig. Madrid – In Spain, investors, the market and analysts have enthusiastically welcomed the talks between Puig and The Estée Lauder Companies for a potential merger agreement. A decidedly opposite sentiment is being felt on the other side of the Atlantic, where the US beauty multinational's shares recorded another session in the red on March 24. On Tuesday, after both companies confirmed on Monday evening, Madrid time, that they were in negotiations to discuss a potential merger of their respective business models, FashionUnited highlighted how Puig's shares were soaring in value. This followed a 7.71 percent drop in The Estée Lauder's shares the previous day, once the talks were confirmed. These opposing performances revealed the unequal valuation of the potential merger from the perspective of investors in each listed company. The disparity was further amplified after the opening of the New York Stock Exchange, where The Estée Lauder's shares are traded. On that exchange, the US beauty multinational's shares deepened their Monday decline, with a fall on Tuesday that eventually settled at -9.85 percent of their trading value, dropping from 79.29 to 71.48 dollars, compared to the already lower value recorded on Monday. With this second consecutive fall in its share value following the confirmation of its talks with Puig, The Estée Lauder's shares have gone from trading at 85.92 dollars at the close of last Friday, March 20, to…
