Estée Lauder ends merger talks with Gaultier owner Puig

Sticking points to build beauty powerhouse included which family would hold balance of power, according to FTBusiness live – latest updatesThe US cosmetics company Estée Lauder has ended merger talks with its Spanish rival Puig to create a fashion and beauty retailer worth almost $40bn (£30bn/€34.5bn) after failing to agree which would hold the balance of power in the combined group.Estée Lauder is one of the world’s biggest manufacturers of skin care, makeup and fragrances with a portfolio that...