Sticking points to build beauty powerhouse included which family would hold balance of power
The US cosmetics company Estée Lauder has ended merger talks with its Spanish rival Puig over plans to create a fashion and beauty group worth almost $40bn (£30bn/€34.5bn) after the two sides failed to agree on the balance of power in the combined company.
Estée Lauder, one of the world’s biggest manufacturers of skincare, makeup and fragrances, owns brands including Clinique, Bobbi Brown and Tom Ford Beauty.
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