Josep Oliu will formally bid farewell to the Puig Brands board of directors next Friday, coinciding with the shareholders' meeting. His departure follows a final show of support for the company and its management through the purchase of over 70,000 shares in the premium perfume and beauty group, valued at more than one million euros.
These acquisitions were made last Friday, shortly after it became public that discussions with the US company Estée Lauder for a potential merger had been terminated without an agreement. The purchases were executed at an average price of 15.26 euros per share, a value very close to the stock's closing price for the day.
The news of the failed negotiations led to a significant drop in Puig Brands' stock value, with a 13.44% decline during that session. Investors reacted negatively to the dashed possibility of Estée Lauder launching a takeover bid (OPA) for the Catalan company, a plan that had been under negotiation for the past few months.
Puig Brands' share price had not fallen this low since last March, when talks with the North American giant were first revealed. The objective of this potential combination was to create a global leader in the sector, with estimated annual sales of 18 billion dollars and a market capitalization close to 40 billion.
Interestingly, just a few weeks ago, Oliu had resigned his seat on the board of Puig Brands, chaired by Marc Puig. At that time, the company was deeply involved in negotiations with Estée Lauder. The banker's resignation caused surprise, as his term as a proprietary director, representing the family holding Exea Quorum, was not due to expire until the end of 2026.
Exea Quorum, which manages the Puig family's assets, holds over 70% of the capital and nearly 93% of the voting rights in Puig Brands, particularly through its class A shares with enhanced political rights. Despite leaving the Puig Brands board, Oliu will continue to chair the Exea Quorum board, where the different branches of the founding family are represented.
Josep Oliu joined the Puig Brands board in late 2023. Prior to the purchases made last Friday, he already held over 85,000 shares in the company. With this new investment, he nearly doubles his stake, positioning himself as one of the main individual shareholders, surpassed only by the company's chairman and vice-chairman.
Currently, the value of Oliu's Puig Brands shareholding is estimated at around 2.5 million euros. This operation underscores his confidence in the group's future, despite recent setbacks in acquisition negotiations.
