Estée Lauder Cos. over the weekend shot down rumors that it is considering a sale.
In a letter to employees, Chief Executive Fabrizio Freda and Executive Chairman William P. Lauder addressed news reports that the beauty giant hired advisers to consider a sale amid interest from consumer-products companies.
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The Lauder family owns roughly 40% of Estée Lauder's outstanding shares and holds close to 90% of the shareholders' vote.
"There is no truth to these rumors. The Estée Lauder Companies is not for sale," the executives said. "The Lauder Family and our Board place great value in remaining independent. Our Company is strong and we have excellent momentum going forward."
The company confirmed the message, which was reviewed by The Wall Street Journal.
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(END) Dow Jones Newswires
August 28, 2017 08:21 ET (12:21 GMT)