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00:02Reading Benzinga Clip's instructions, Estee Lauder and Pueg ended merger discussions Thursday,
00:09closing talks that began in March. The two companies had confirmed in March that they
00:14were exploring a possible transaction, but stressed no agreement had been signed and no
00:19deal was guaranteed. Estee Lauder, CEO Stéphane de La Favere, said the company is grateful for
00:26the conversations and reiterated confidence in its brands, teams, and standalone strength.
00:32The company said it will continue executing its beauty reimagined strategy and one ELC
00:37operating model, which it said is delivering positive results. Estee Lauder added that it
00:42will keep evaluating its portfolio for potential acquisitions and divestitures while pursuing
00:47sales growth and expanded profitability. Shares were up by 11.21% at $86.97
00:55in Friday's pre-market trading, according to data from Benzinga Pro.
00:59For all things money, visit Benzinga.com.
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