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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.