Shares of Estee Lauder (EL.US) surged over 13% at the open on Friday, marking their largest intraday gain since April 2025, with the stock currently trading at $87.68. The move follows the joint announcement on May 21 by the U.S. cosmetics giant Estee Lauder and Spanish fragrance and beauty group Puig that they have formally terminated discussions regarding a potential business combination. The high-profile, rapid negotiations, which lasted only two months, have now collapsed. This outcome puts a halt to a massive deal that was valued at up to $40 billion and had the potential to create one of the world's largest high-end beauty conglomerates. In the announcement, Estee Lauder's President and Chief Executive Officer, Stéphane de La Faverie, stated: "We appreciate the dialogue we had with Puig. Today, we reaffirm our confidence in our exceptional brands, our talented teams, and the strength of our company as an independent entity."