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Updated filing increases expected restructuring costs while the company continues its turnaround and workforce reductions.

Shares of Spanish beauty group Puig Brands are tumbling today, following the termination of talks with U.S. cosmetics giant Estee Lauder over a potential merger. Puig's shares were recently down 13% in Europe, on pace for their second-biggest fall since the company started trading in 2024. Estee Lauder's shares, meanwhile, climbed roughly 9% premarket, on track for their best one-day performance in nearly a year.

Madrid-listed shares fell more than 14% in European morning trading, while Estee Lauder’s stock was up over 10% in premarket trading.

Investing.com -- Puig shares fell nearly 13% in early trading on Friday after Estee Lauder and the company ended merger discussions that were first disclosed in March.

Preliminary settlement papers filed in Manhattan federal court show the proposed agreement is still subject to approval by Judge Arun Subramanian.

Malone's lawyers argue the perfumer has every right to use her own name, and wonder why the Estée Lauder Cos. has filed suit now, 14 years after the founding of Jo Loves, and seven years after the first fragrance collaboration with Zara.