Estée Lauder Companies, Inc. (NYSE:EL) shares are trading higher Friday after the company announced it terminated discussions regarding a potential business combination with Puig.
Estée Lauder shares are powering higher. Why are EL shares rallying?
Estée Lauder, Puig End Combination Talks
The companies said discussions regarding a potential business combination had ended. On March 23, the companies confirmed they were in discussions regarding a potential transaction, although no agreement had been signed.
Stéphane de La Faverie, president and CEO of The Estée Lauder Companies, said the company remains focused on executing its "Beauty Reimagined" strategy.
