MONOPOLY CAPITALI$M

NextEra Energy and Dominion Energy agree deal

Monday, 18 May 2026

World Nuclear News

NextEra Energy and Dominion Energy have announced plans to combine in an all-stock transaction valued at about USD66.8 billion that they say will create the world’s largest regulated electric utility business.
 

(Image: NextEra Energy, Dominion Energy logos)

The combined entity will operate under the NextEra name and be 74.5% owned by NextEra Energy shareholders and 25.5% by Dominion Energy shareholders. It will serve around 10 million accounts across Florida, Virginia, North Carolina and South Carolina.

The combined entity will have 110 GW of generating capacity, including considerable nuclear energy capacity - NextEra Energy Resources, along with its affiliate company Florida Power & Light Company, operates seven nuclear units at four sites: Turkey Point and St Lucie in Florida; Seabrook in New Hampshire; and Point Beach in Wisconsin. Additionally, it plans to restart the Duane Arnold plant in Iowa, which ceased operations in 2020. The plant is scheduled to become operational at the beginning of 2029, pending regulatory approvals. A power purchase agreement with Google was announced last October.

In January NextEra Energy said it could add up to 6 GWe of small modular reactor generating capacity at its existing nuclear power plant sites or potential new sites, primarily to meet demand from data centres.

More than 40% of the electricity Dominion Energy generates is from its nuclear plants - Millstone Nuclear Power Station in Connecticut, North Anna and Surry nuclear power plants in Virginia and VC Summer in South Carolina.

John Ketchum, chairman, president and CEO of NextEra Energy, said: "This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever - not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run."

Robert Blue, chair, president and CEO of Dominion Energy, said: "This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need."

The proposal is that Ketchum will serve as chairman and CEO of the combined company and Blue will serve as president and CEO of regulated utilities and as a member of the board of directors. The combined company's board of directors will include 10 directors from NextEra Energy and four from Dominion Energy. The announcement includes a proposal for USD2.25 billion in bill credits for Dominion customers in Virginia, North Carolina and South Carolina over the two years after the deal closes.

The two sides expect the deal to close in 12 to 18 months "subject to customary closing conditions and approvals by the shareholders of NextEra Energy and Dominion Energy, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approval by the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act and approval by the Nuclear Regulatory Commission".

NextEra-Dominion Energy Merger To Create World’s Largest Electric Utility

By Alex Kimani - May 18, 2026

Leading clean energy utility, NextEra Energy (NYSE:NEE), has agreed to buy Dominion Energy (NYSE:D) in an all-stock transaction valued at $66.8 billion, marking the largest power utility acquisition on record. The merger unites Florida-based NextEra Energy and Virginia-based Dominion Energy to create the world’s largest regulated electric utility, a power sector titan with an enterprise value exceeding $400 billion including debt.

The historic consolidation is directly driven by the artificial intelligence infrastructure boom, with high-performance AI hardware having triggered a massive surge in electricity demand. NextEra, a global leader in wind and solar power, will leverage its clean energy assets to meet the carbon-free electricity requirements of tech hyperscalers like Alphabet (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META).

NextEra previously secured high-profile deals, including an agreement with Google to revive Iowa’s Duane Arnold nuclear plant.

Dominion operates in Virginia and the Carolinas, with Northern Virginia home to the world’s largest concentration of data centers, also known as the “Data Center Alley”.

PJM Interconnection, the largest U.S. power grid operator, has projected that summer peak demand in the Dominion Energy zone (encompassing Northern Virginia’s Data Center Alley) to grow by 5.4% annually over the next decade. Because hyperscale data centers run continuously at high load factors, they drive up demand evenly, causing winter peak loads to rise at a 4% annualized rate.

However, the mega-merger faces a complex review process since it requires antitrust clearance and approvals from the Federal Energy Regulatory Commission (FERC) alongside state public utility commissions in Florida, Virginia, and the Carolinas.

Thankfully, Wall Street is generally bullish that the current federal administration’s general openness to corporate mergers may provide a smoother path toward finalization.

By Alex Kimani for Oilprice.com

NextEra to Buy Dominion in Landmark U.S. Utility Mega-Merger

By Charles Kennedy - May 18, 2026NextEra Energy and Dominion Energy on Monday unveiled a blockbuster merger agreement that would create the world’s largest regulated electric utility company by market capitalization, as surging U.S. power demand drives consolidation across the sector.

Under the agreement, Dominion shareholders will receive 0.8138 shares of NextEra Energy for each Dominion share they own, giving NextEra investors roughly 74.5% ownership of the combined company and Dominion shareholders about 25.5%. The transaction is expected to close within 12 to 18 months, pending shareholder and regulatory approvals.

The combined company would serve around 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina and control approximately 110 gigawatts of generation capacity spanning natural gas, nuclear, renewables, and battery storage. The companies said more than 80% of the merged business would be regulated operations.

The deal comes as U.S. utilities race to secure scale and capital to meet rapidly rising electricity demand driven by artificial intelligence, data centers, industrial reshoring, and electrification trends. NextEra said the combined company would have more than 130 GW of large-load opportunities in its development pipeline.

To ease regulatory and political concerns over customer impacts, the companies proposed $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina, and South Carolina over two years after closing. They also pledged to retain dual headquarters in Juno Beach, Florida, and Richmond, Virginia, while maintaining Dominion’s regional utility brands.

NextEra Chief Executive John Ketchum said the transaction was designed to improve operating efficiency and lower long-term customer costs as utilities face increasingly complex and capital-intensive infrastructure needs. Dominion CEO Robert Blue said the merger would strengthen the companies’ ability to fund new generation, transmission, and grid upgrades.

The companies expect the merger to immediately boost adjusted earnings per share and project more than 9% annual adjusted EPS growth through 2032. They also said the larger balance sheet could improve credit metrics and lower financing costs.

The merger would significantly expand NextEra’s already dominant position in U.S. power markets. The company is currently the largest renewable energy and battery storage developer in the world through NextEra Energy Resources, while Dominion brings major regulated utility operations and one of the largest offshore wind development portfolios in the United States.

The transaction will require approval from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, and multiple state utility regulators, including commissions in Virginia, North Carolina, and South Carolina.

By Charles Kennedy for Oilprice.com

GREEN CAPITALI$M

Are solar panel prices about to surge? Why now might be the perfect time to invest

Copyright Copyright 2026 The Associated Press. All rights reserved.

By Liam Gilliver

Published on 17/05/2026 - EURONEWS

Geopolitical uncertainty, supply shortages and China’s recent tax reform are threatening to send the prices of solar panels soaring. But, is it really that severe?

Once an extortionate investment reserved for the ‘eco-elite’, solar has rapidly become one of the cheapest electricity sources in the world. But, are the tables about to turn?

Solar photovoltaic (PV) panels, composed of individual solar cells that convert sunlight into electricity, have plummeted in price by a staggering 90 per cent in the last decade. According to Our World In Data, costs have dropped by around 20 per cent every time the global cumulative capacity doubles.

At the same time, the price of solar batteries, which allow households to store electricity during peak times, have also decreased by 90 per cent since 2010 due to advances in battery chemistry and manufacturing.

The EU now describes solar as a “shining star” of Europe’s clean transition, accounting for almost a quarter (23.4 per cent) of its electricity consumption in 2024. In June last year, the sun was the main source of the electricity generated in the EU.

Amid the war on Iran, solar is helping to cushion households from volatile fossil fuel shocks. Recent analysis found that harnessing sunlight for power saved Europe more than €100 million per day throughout March by reducing gas imports.

If prices remain high, due to Iran’s stranglehold on the Strait of Hormuz, experts say these savings could reach €67.5 billion by the end of the year.

The ongoing conflict in the Middle East has also bolstered interest in household electrification, with multiple energy firms across Europe reporting a recent spike in solar panel and solar battery inquiries.

However, as demand for solar panels soars, foreign tax policy, the price of silver and other influences could soon ignite a price surge.

Where does Europe get its solar panels from?

While the EU describes solar as having a “significant role in its transition towards cleaner, more affordable and secure” energy, it remains heavily reliant on countries outside of the bloc to make PV panels.

In 2024, the EU imported €14.6 billion in green energy products, including €11.1 billion worth of solar panels. China was by far the largest supplier of these panels, accounting for 98 per cent of all imports.

According to the International Energy Agency (IEA), China has invested more than $50 billion (€43 billion) in new PV supply capacity – 10 times more than Europe – and created more than 300,000 manufacturing jobs across the solar PV value chain since 2011. Today, the country’s share in all of the manufacturing stages of solar panels exceeds 80 per cent globally.

Related

• ‘Significantly lower energy bills’: How do solar batteries work and are they worth the investment?
• Blocked sunlight and changing clouds: How coal pollution is damaging our solar potential

“Chinese manufacturers have reached scale and cost levels that cannot be matched outside of China,” Jannik Schall of clean tech startup 1KOMMA5° tells Euronews Earth.

“There are factories in other countries, even in Europe, but they only focus on the final assembly of solar panels and cannot compete with China from a cost perspective.”

China’s monopoly on solar panels hasn’t been a clear victory for the country, with tight competition pushing companies to sell below cost. An IEA report from last year found that China-based solar companies had made cumulative net losses of around $5 billion (€4.3 billion) since the beginning of 2024.

This led to China’s Ministry of Finance and State Tax Administration announcing major reform to its generous renewables subsidies, which were originally designed to support foreign trading.

From 1 April 2026, the nine per cent VAT export rebate on solar products was eliminated, while the nine per cent VAT export rebate on battery products was reduced to six per cent. The VAT rebate on battery products will be completely scrapped from 1 January 2027.

Graph detailing China's solar exports. Ember

Just before the tax reform came into place, Chinese solar exports skyrocketed as countries scrambled to beat the price hike.

Energy think-tank Ember found that during March 2026, several European countries, including France, Italy, Poland and Romania, hit all-time records for the number of Chinese solar imports.

Will China’s VAT reform increase the cost of solar?

“The elimination of China’s VAT export rebates alone will cause module prices to rise by around 10 per cent,” Schall tells Euronews Earth. Solar modules is the standard-industry term for a single PV unit.

British newspaper The i has warned that one national solar installer has been forced to charge £800 (€918) more for an average rooftop installation.

So is a blanket price rise expected across the board? It’s not that simple.

Experts say that the market does not react this quickly, and the increasing price of solar panels won’t bite straight away.

Analysts do not expect the rise in cost to limit demand for solar, given its competitive pricing, either. However, it does demonstrate that even renewables are not completely shielded from the intricacies of geopolitics – an argument that frequently arises when speaking about fossil fuel shocks.

InfoLink Consulting, a Taipei-based firm that provides market intelligence, price forecasting and supply chain analysis for solar PV, says that while ground-mounted projects (often used in large-scale solar farms) have edged up in recent weeks, high order volumes have constrained any rise in average prices.

Meanwhile, the price of small-scale or ‘distributed’ solar power systems, like those installed directly on rooftops or carports, has continued to fall marginally, InfoLink said earlier this week (13 May).

How silver became solar’s crux

To understand why solar costs fluctuate, it’s important to understand how PV panels are designed.

Solar panels are predominantly made of glass, plastic polymer and aluminum. Silver, which is the most effective metallic conductor of electricity and heat, is also a key material for PV panels.

Despite representing less than five per cent of a total PV panel in terms of weight, silver paste accounts for up to 30 per cent of total solar cell costs, analysts at German technology group Heraeus state.

According to the Silver Institute, around 4,000 tonnes of silver, equivalent to 14 per cent of global silver consumption, were used for PV panel production in 2023 alone. Researchers warn this share is expected to increase to 20 per cent by 2030, a fourfold increase since 2014.

Chinese manufacturers have therefore been boosting efforts to tackle this, by replacing silver with cheaper metals such as copper. Experts predict switching from silver to copper-based metallisation could save the solar industry roughly $15 billion (€12.8 billion) per year globally.

However, the price of copper has also increased in recent years, albeit at a slower pace than silver.

“Driven by geopolitical uncertainty, supply shortages and increasing demand from AI data centres, prices for copper, aluminum and lithium have increased significantly since Q4 of 2025,” Schall explains.

“Silver prices have reached 150+ per cent increases within a few weeks in the beginning of 2026, making silver the biggest cost contributor in solar panels. These cost increases on the raw material side need time to trickle down through the value chain and are expected to reach end consumers this summer

1KOMMA5° forecasts that the additional high raw material costs, alongside China’s VAT elimination, could cause price increases of 15 to 20 per cent for individual components.

Schall adds that while residential customers will be affected by this in the “medium term” those wanting to install PV panels can still benefit from “more favourable prices” right now.

Euronews Earth reached out to two energy firms in Europe to ask whether they intend to raise their solar panel prices following China’s tax reform and the increasing price of silver. Both declined to comment.

Despite uncertainty, experts point out that solar prices are still around 50 per cent down compared to 2023, making it one of the cheapest sources of electricity in the world.

MONOPOLY CAPITALI$M

Nickel associations of Indonesia, Philippines sign agreement on cooperation

Reuters | May 8, 2026 | 

Nickel pig iron plant in Indonesia. (Image from Nickel Mines Ltd.)

The nickel associations of Indonesia and the Philippines on Friday signed a memorandum of understanding on nickel cooperation, Indonesia’s coordinating ministry of economics said.

The agreement includes the exchange of information, joint development of nickel downstream processing technology, and human resource development to support a sustainable nickel industry ecosystem, the ministry said.

The signing was witnessed by Indonesia’s chief economics minister Airlangga Hartarto and the Philippines’ trade and industry minister Cristina Roque.

“The Philippines will no longer be only an exporter of raw nickel ore as it will be integrated into a higher-value regional supply chain, while Indonesia will secure a reliable supply for its battery and stainless industries,” Airlangga said.

Indonesia exported $9.73 billion of nickel products last year, Airlangga said, adding that smelters in Indonesia required supplies with the proper silicon-to-magnesium ratio which can be supplied by the Philippines.

(By Ananda Teresia and Stefanno Sulaiman; Editing by John Mair)

MONOPOLY CAPITALI$M

Mega elevator deal: Finnish lift maker Kone acquires German rival TKE in €29.4bn deal

Copyright Kone/All right reserved

By Doloresz Katanich with AFP

Published on 29/04/2026 - EURONEWS

Finnish lift maker Kone nearly doubles its size in what the Finnish media described as the largest corporate acquisition ever carried out in Finland.

Finnish lift maker KONE on Wednesday announced the acquisition of its German rival TKE in a giant share-and-cash deal valuing TKE at €29.4 billion.

The group formed by the merger will be nearly twice the size of the current KONE group, with more than 100,000 employees in over 100 countries and an annual revenue of around €20.5bn, the two companies said in a statement.

A consortium including the private equity groups Advent and Cinven owns TKE.

The new group will be based in Finland and led by KONE’s current French chief executive, Philippe Delorme.

“This industry-revitalising transaction brings together two exceptional global businesses with highly complementary geographic footprints and innovation platforms,” the joint statement said.

The acquisition makes KONE gain strong access to markets in the Americas and to profitable service and maintenance contracts.

“KONE’s presence in Asia is complemented by TKE’s footprint in the Americas, and TKE opens new geographies for KONE, resulting in a well-balanced global presence.”

The takeover is the largest corporate acquisition ever carried out in Finland, according to Finnish media.

The consortium that owns TKE will receive €5bn and 270 million shares in the new KONE, valued at €15.2bn, and will hold 33.8% of the new entity, according to the statement.

The two groups expect annual synergies in the form of extra profit or cost savings of €700 million from the acquisition. The new company is expected to have a strong investment-grade credit rating while generating strong cash flow.

The deal still needs regulatory and shareholder approval and will likely finish in 2027.

MONOPOLY CAPITALI$M IS FASCISM

Warner Bros shareholders greenlight sale to Paramount

Muna Turki 

DW with Reuters and AP

 24/04/2026 

The deal would combine two major Hollywood studios and bring CBS and CNN under one roof, tightening an already concentrated media landscape, critics say.

The merger would bring together two of Hollywood’s remaining five legacy studios

.Image: Daniel Cole/REUTERS

Warner Bros. Discovery shareholders voted overwhelmingly on Thursday to approve the sale of the company to Paramount.

The deal could reshape Hollywood and the American media landscape, which critics say is already dominated by just a few powerful players.

The European Commission and several US states, including California, are reviewing the merger.

Executives at Paramount say the deal will benefit consumers.

What does Warner Bros shareholders' approval mean?

In a preliminary vote count, the Warner Bros. Discovery shareholders approved the previously announced accusition by Paramount. The deal values the company at nearly $111 billion, including debt.

The transaction is not final, as it still requires regulatory approval and could face legal challenges.

The merger has been under political scrutiny in the United States. Last week, Democratic senators held a "spotlight" hearing on the deal, raising antitrust concerns about the combined company’s market power.

In Europe, the deal is expected to face fewer regulatory hurdles. The combined company would hold less than 20% market share across European Union markets, reducing antitrust concerns for the European Commission.

The deal follows an unsolicited bid by Paramount for Warner Bros. Discovery, despite an existing agreement with Netflix. The competing offers triggered a bidding battle that ended with Netflix withdrawing.

Merger tightens media market, critics warn

The merger combines two major streaming platforms, Paramount+ and HBO Max, as well as the two major Hollywood studios. It brings two of the biggest names in US television news, CBS and CNN, under the same company.

Critics of US President Donald Trump fear that CNN, which has frequently reported critically on his administration, could lose its editorial independence under the umbrella of Paramount. Paramount owner David Ellison is described as a Trump ally.

Opposition to the merger has also come from within the movie industry. An open letter signed by hundreds of Hollywood figures earlier in April warned that the deal would "further consolidate an already concentrated media landscape, reducing competition at a time when our industries and audiences can least afford it."

Paramount executives have rejected those concerns, saying the merger would benefit consumers, particularly if Paramount+ and HBO Max are combined into a single streaming service.

The deal could also draw additional scrutiny because it includes financing from sovereign wealth funds in Saudi Arabia, Qatar and the United Arab Emirates, raising potential national security concerns.

Warner Bros expects the deal to close later in 2026.

Edited by: Karl Sexton

CRIMINAL CAPITALI$M

World Cup tickets promised at $60, fans paid $4,185: The European Commission could take on FIFA

Copyright Copyright 2025 The Associated Press. All rights reserved

By Rebecca Spezzano

Published on 26/03/2026 - EURONEWS

Euroconsumers and the Football Supporters Europe (FSE) network have filed a formal complaint with the European Commission, accusing FIFA of abusing its monopoly position over 2026 World Cup ticket sales.

As the sole organiser of the event and the only authorised seller on the primary market, FIFA holds enormous power over 2026 World Cup tickets.

Euroconsumers, a European consumer rights organisation, argues it is abusing that power through high prices and a lack of transparency. The cheapest available final ticket starts at $4,185 (€3,611) or more than 7 times the price of the cheapest final ticket at the 2022 World Cup.

FIFA told Euronews it had not formally received the complaint and was therefore unable to comment.

A spokesperson added that the organisation is "focused on ensuring fair access to our game for existing and prospective fans," and that as a not-for-profit, World Cup revenues are reinvested across its 211 member associations globally.

For many fans, however, the prices tell a different story.

"It was one of my dreams to go to the US for the World Cup," said Jean-Philippe Ducart, a Belgian fan who has attended more than 200 games for his national team.

"Unfortunately, this year, I won't be there. The prices are just too high."

What ‘variable pricing’ means

FIFA uses what it calls "variable pricing," which is similar to dynamic pricing, in its ticket sales. This means that the price customers pay can change during the ticket sale process depending on demand and availability.

An investigation by The Athletic revealed that the price of tickets for games in Mexico and Canada increased by around 25% between sales phases.

Similarly, the price of a Category 1 ticket, which includes the highest-priced seats located in the lower tier, rose by $250 (€232.85) from October to November.

Els Bruggeman, head of policy and enforcement at Euroconsumers, says dynamic pricing is deeply unfair to fans and that the price they pay bears no relation to the seat they get.

“The way it's being organised now, you can sit next to someone at the World Cup that paid three times less than you did, or maybe 10 times less than you did, just because they entered the digital queue 3 seconds before you did,” she said.

“Putting two and two together”

Euroconsumers have been advocating a ban on dynamic pricing for live events because limited supply and high demand leave consumers with little power.

So, when FIFA announced it was using variable pricing, it raised concerns in Brussels.

“We have been monitoring very closely how this would evolve, but we also have been working together with Football Supporters Europe, who heard that we were very active on dynamic pricing,” Bruggeman explained.

“They [FSE] had the complaints, they had the experiences coming in. And putting two and two together, we were able to file this complaint.”

Related

• Mexican cartel clashes spark security concerns ahead of FIFA World Cup
• Ex-FIFA president Sepp Blatter backs calls to boycott World Cup in the US

More than just sky-high prices

The complaint includes other factors aside from dynamic pricing and high prices.

Euroconsumers claim FIFA used bait advertising, which is illegal under EU consumer law.

Prior to the first phase of ticket sales opening, FIFA announced it would sell group-stage tickets starting at $60 (€51.77). In reality, few fans were able to secure tickets at those prices, according to the press release.

If customers wish to resell World Cup tickets or purchase resale tickets, FIFA encourages them to do so via the FIFA Resale/Exchange Marketplace rather than competitors such as StubHub or Vivid Seats, stating that its own marketplace is the “official and secure way”.

FIFA’s Resale/Exchange Marketplace then imposes a 15% fee on both the buyer and the seller. The Euroconsumers and FSE complaint notes this is highly profitable for FIFA but “to the detriment of consumer rights and interests”.

“No games anymore,” said Els Bruggeman, Head of Policy and Enforcement at Euroconsumers.

“Let’s put a stop to this dynamic pricing. Let’s be very clear on how many tickets you [FIFA] still have and for where. Announce in all transparency what will be the prices.”

Euroconsumers said it reached out to FIFA ahead of ticket sales to ask how the variable pricing would work for the 2026 World Cup, but it did not receive a response.

What can the European Commission do?

Euroconsumers and FSE are calling on the European Commission to order FIFA to stop using dynamic pricing for all tickets sold.

Bruggeman said she hopes this will be settled quickly, as another ticket draw opens on April 2 and the World Cup begins in June.

“If we don't have measures by then, then the damage for consumers will be irreparable,” she said.

A Commission spokesperson said they have received the complaint and "will assess it under our standard procedures".

MONOPOLY CAPITALI$M

Estée Lauder and Puig in €35bn merger talks to combine major beauty brands

Copyright AP Photo

By Doloresz Katanich with AP

Published on 24/03/2026 - EURONEWS

Estée Lauder has confirmed merger talks with Spain’s Puig as it looks to strengthen its position in fragrances and reverse a prolonged sales decline.

Estée Lauder and the perfume maker Puig are in merger talks that would potentially put brands such as MAC, Clinique, Charlotte Tilbury and Jean Paul Gaultier under one roof.

Estée Lauder confirmed the discussions but said that no agreement has been reached with the century-old Spanish company.

The American cosmetics multinational has been attempting to stem a slide in sales, with revenue falling in each of the past three years.

In 2025, they said they would cut as many as 7,000 jobs by the 2026 fiscal year, more than 11% of its workforce. CEO Stéphane de La Faverie said at the time that the company was transforming its operating model to be “leaner, faster and more agile”.

“Estee Lauder has lost its footing in recent years and needs to do something radical to get back on top," said Dan Coatsworth, head of markets at AJ Bell.

"A takeover of Puig is an interesting proposition, but history suggests that bolting two companies together is not a guaranteed recipe for success," he continued.

Related

• Getting a makeover: How AI and metaverse technology are transforming the beauty industry
• Hugo Boss CEO: Quiet luxury and smarter shoppers are reshaping fashion

Puig oversees make-up, skincare and fragrance brands such as Nina Ricci, Jean Paul Gaultier and Dr Barbara Sturm.

The company went public on the Madrid Stock Exchange in early 2024.

A merger between Estée Lauder and Puig would create a company valued at more than $40bn (€34.5bn), Jefferies’ Sydney Wagner wrote, and would give the New York company a stronger position in fragrances, which make up most of Puig’s portfolio.

While fragrances remain a strong category, Wagner said competition from independent brands is intensifying, and L'Oréal has strengthened its position.

Shares of Estée Lauder were down by more than 7.5% at approximately 15.30 CET on the New York Stock Exchange. Puig's share price was up by nearly 13% at the same time in Madrid.