(RTTNews) - Shares of The Estée Lauder Companies Inc. (EL) are moving down about 7 percent on Tuesday morning, possibly due to the impact of its announcement yesterday, confirming that it is engaged in discussions with Puig regarding a potential business combination that could result in the merger of their businesses.
The company's stock is currently trading at $73.44, down 7.37 percent or $5.88, over the previous close of $79.28 on the New York Stock Exchange. It has traded between $48.37 and $121.64 in the past one year.
It further added that no final decision has been made and no agreement has been reached.
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