PARIS – The Estée Lauder Cos. has offered Marc Puig, executive chairman of Puig, the co-chairmanship of the board of directors of their merged companies should a transaction go through, Spanish financial publication Expansión said on Thursday.

William Lauder would be the other co-chairman, it said.

A Puig spokeswoman had no comment on the report. A Lauder spokesperson could not immediately be reached for comment.

As previously reported, Lauder and Puig announced on March 23 that they are in talks to merge their businesses. If they do come together, the new beauty powerhouse would have just over $20 billion of estimated combined sales, making it the largest premium beauty player worldwide.

On Tuesday, Jose Manuel Albesa, chief executive officer of Puig, speaking in a call with financial analysts and journalists to discuss first-quarter results, said conversations with Lauder are ongoing, and that no final decision has been made.

On Wednesday, Expansión wrote Lauder is considering launching a tender offer for all of Puig’s class B shares, priced at 18 euros to 19 euros a share, citing sources.

On Thursday, the publication wrote that negotiations between Lauder and Puig remain underway and that a firm agreement has not been reached. It said financial and governance aspects still need to be resolved.

Puig’s portfolio of fragrance, beauty and fashion brands includes Rabanne, Jean Paul Gaultier, Byredo and Charlotte Tilbury. Lauder counts Bobbi Brown, Clinique, Dr. Jart+ and Editions de Parfums Frédéric Malle among its holdings.