Bond.az reports that US cosmetics giant Estee Lauder and Spain's Puig have terminated merger talks.
The deal would have created a $40 billion luxury beauty group to better compete with L'Oreal.
Estee Lauder shares rose about 10% in extended trading following the news.
Demands from Charlotte Tilbury, whose brand Puig bought a majority stake in 2020, complicated the talks.
Estee Lauder will continue its 'Beauty Reimagined' turnaround strategy under CEO Stephane de La Faverie.
The company raised its annual profit forecast and plans to cut up to 3,000 more jobs.
Analysts welcomed the end of talks, citing integration risks.
