Estée Lauder ends merger talks with Gaultier owner Puig

Sticking points to build beauty powerhouse included which family would hold balance of power, according to FT

• Business live – latest updates

The US cosmetics company Estée Lauder has ended merger talks with its Spanish rival Puig to create a fashion and beauty retailer worth almost $40bn (£30bn/€34.5bn) after failing to agree which would hold the balance of power in the combined group.

Estée Lauder is one of the world’s biggest manufacturers of skin care, makeup and fragrances with a portfolio that includes Clinique, Bobbi Brown and Tom Ford Beauty.