Estée Lauder (NYSE: EL) in early discussions on potential business combination with Puig

Rhea-AI Filing Summary

The Estée Lauder Companies Inc. has confirmed it is in discussions with Puig about a potential business combination in which the two companies would merge their businesses. The company emphasized that no final decision has been made and no agreement has been reached.

The disclosure stresses that there is no assurance any transaction will occur or, if it does, what the timing or terms might be. A press release dated March 23, 2026, reiterates these points and highlights that any forward-looking statements are subject to significant risks and uncertainties.

Insights

Equity research analyst

Estée Lauder confirms preliminary merger talks with Puig, with no agreed deal or terms.

The Estée Lauder Companies has publicly acknowledged discussions with Puig about a potential business combination that would merge their businesses. At this stage, the communication simply confirms talks and does not include financial terms, structure, or strategic detail.

The company explicitly notes that no agreement has been reached and that there is no assurance a transaction will be completed, or on what terms. This language frames the situation as exploratory rather than a committed deal, so the information is directional but not definitive for valuation.

The press release also highlights regulatory and closing risks, including the possibility that required approvals may not be obtained. Subsequent announcements, if the parties sign a definitive agreement, would be needed to understand deal economics, integration plans, and their implications for shareholders.

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 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

March 23, 2026

The Estée Lauder Companies Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-14064

11-2408943

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

767 Fifth Avenue, New York, New York

10153

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

212-572-4200

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A Common Stock, $.01 par value			EL			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

The Estée Lauder Companies Inc. (the “Company”) confirms that it is in discussions regarding a potential business combination with Puig, in which the two companies would potentially merge their businesses. No final decision has been made, and no agreement has been reached. Unless and until an agreement is signed between the companies, there can be no assurances regarding the deal or its terms.

On March 23, 2026, the Company issued a press release regarding the foregoing. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.						Description
99.1						Press Release, dated March 23, 2026, of The Estée Lauder Companies Inc.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						THE ESTÉE LAUDER COMPANIES INC.
Date:			March 23, 2026			By:			/s/ Akhil Shrivastava
									Akhil Shrivastava
									Executive Vice President and Chief Financial Officer
									(Principal Financial and Accounting Officer)

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Exhibit 99.1

767 Fifth Avenue New York, NY 10153 News Contact: Investor Relations: Rainey Mancini rmancini@estee.com Media Relations: Brendan Riley briley@estee.com

The Estée Lauder Companies’ Statement on Potential Transaction with Puig

New York, NY — March 23, 2026 — The Estée Lauder Companies Inc. (NYSE: EL) confirms that it is in discussions regarding a potential business combination with Puig, in which the two companies would potentially merge their businesses. No final decision has been made, and no agreement has been reached. Unless and until an agreement is signed between the companies, there can be no assurances regarding the deal or its terms.

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Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding a potential transaction and the anticipated timing, terms, and completion of any such transaction.

Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the possibility that no agreement will be reached, that required regulatory approvals may not be obtained, or that other conditions to a potential transaction may not be satisfied.

There can be no assurance that any transaction will be consummated or, if consummated, as to its timing or terms. The Estée Lauder Companies undertakes no obligation to update any forward-looking statements, except as required by law.

About The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of luxury and prestige brands globally. The company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands, including The Ordinary and NIOD, and BALMAIN Beauty.

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FAQ

What did The Estée Lauder Companies (EL) announce about Puig?

The Estée Lauder Companies confirmed it is in discussions with Puig about a potential business combination to merge their businesses. No final decision has been made, no agreement has been reached, and there is no assurance any transaction will be completed or on what terms.

Has Estée Lauder reached a definitive merger agreement with Puig?

No, Estée Lauder has not reached a definitive agreement with Puig. The company states that discussions are ongoing, no final decision has been made, and there can be no assurance that any transaction will be consummated or, if it is, what its timing or terms would be.

What risks does Estée Lauder highlight about a potential Puig transaction?

Estée Lauder notes that forward-looking statements about a potential transaction are subject to risks and uncertainties, including the possibility that no agreement will be reached, required regulatory approvals may not be obtained, or other conditions may not be satisfied. As a result, there is no assurance any deal will occur.

When did Estée Lauder issue its statement on the potential Puig transaction?

Estée Lauder issued a press release on March 23, 2026, confirming discussions with Puig about a potential business combination. The same date appears in the related report, and the press release is attached as an exhibit, forming the company’s formal public statement on the matter.

What does Estée Lauder say about updating forward-looking statements on Puig talks?

Estée Lauder states it undertakes no obligation to update forward-looking statements except as required by law. This means any future changes regarding a potential transaction with Puig would be communicated through legally required disclosures rather than ongoing voluntary updates.

What type of company is Estée Lauder according to this disclosure?

Estée Lauder describes itself as a leading manufacturer, marketer, and seller of quality skin care, makeup, fragrance, and hair care products. It is a steward of luxury and prestige brands sold in approximately 150 countries and territories under many well-known brand names.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 7.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB