Puig shares rose ~3% after Expansion reported Estee Lauder hired J.P. Morgan to arrange a €5 billion financing package for its takeover bid.
The proposed merger would combine beauty brands such as Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier and Clinique under one entity.
Estee Lauder stock also rose roughly 2.2% following the financing news, indicating market optimism for the potential deal.