On May 22, Estee Lauder rose 11.92% in regular trading, trading at $88.46/share, with trading volume of $63.03 million. The surge was driven by the announcement that Estee Lauder and Spanish beauty group Puig Brands have terminated discussions over a potential multi-billion-dollar business combination without reaching an agreement.

The two companies had confirmed in March that they were exploring a tie-up that would have created one of the world's largest beauty enterprises. Estee Lauder CEO Stephane de La Faverie had previously confirmed the talks were ongoing. With the deal now off the table, Estee Lauder stated it will prioritize executing its Beauty Reimagined strategy and continue evaluating its portfolio to drive growth opportunities, including acquisitions and divestitures.

The market interpreted the termination as a positive catalyst, with investors favoring the company's focus on internal restructuring and profitability improvement over large-scale integration. Additionally, Citigroup raised its price target on Estee Lauder from $92 to $110, maintaining a buy rating, further boosting sentiment. The company had previously reported a return to profitability in its fiscal third quarter, signaling fundamental recovery.

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