Shares of Puig Brands soared as much as 15% Tuesday after beauty peer Estée Lauder confirmed it is in talks about merging the two companies.

Estée Lauder said Monday that a final decision had not been made on any potential deal, first reported by the Financial Times.

Puig stock was last seen up 14.6% while Estée Lauder rose less than 1% in premarket trading.

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