On March 23, 2026, The Estée Lauder Companies Inc. (NYSE: EL) announced that it is currently engaged in discussions regarding a potential business combination with Puig, a global leader in the beauty and fragrance industry. This potential merger aims to combine the strengths of both companies, creating a more robust entity in the competitive beauty market. However, the company emphasized that no final decision has been made, and no agreement has been reached at this stage. The announcement was made through a press release, which is attached as Exhibit 99.1 to the Form 8-K filing. The Estée Lauder Companies has a strong portfolio of brands and a significant market presence, while Puig is known for its luxury fragrances and cosmetics. The merger discussions indicate a strategic move to enhance market share and operational capabilities. Investors and analysts will be closely monitoring the developments of this potential merger, as it could have significant implications for both companies' future growth and market positioning. Until a formal agreement is signed, there are no assurances regarding the deal or its terms, leaving room for speculation about the potential benefits and challenges that may arise from such a merger.

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