US cosmetics giant Estée Lauder is discussing a potential merger with Puig, the Spanish company behind high-end fragrances such as Rabanne and Jean Paul Gaultier. Estée Lauder is one of the world's leading manufacturers of skin care, make-up and fragrances, owning brands such as Clinique, Bobbi Brown and Tom Ford. A deal could create a $40bn (£30bn) beauty giant, according to Financial Times, although Estee Lauder said that no final decision had been made.