The cosmetics company, Estee Lauder, is considering a takeover bid for Spanish beauty group Puig's Class B shares at 18-19 euros per share, according to Spanish newspaper Expansion. The two companies have been in discussions over a potential business combination that would create the world's largest premium beauty player and bring together brands such as Tom Ford, Carolina Herrera, ​Rabanne, Jean Paul Gaultier and Clééé. The shares in Puig have not yet picked up since their debut in May and are now 27% below their initial public offering price.