Investing.com -- Estée Lauder Companies Inc and Puig ended merger talks because the companies could not agree on price, according to Stephane de La Faverie, President and CEO of the cosmetics maker, speaking at a Deutsche Bank consumer conference in Paris on Tuesday.

The two companies ended negotiations late in May that would have created a premium beauty company positioned to compete with L'Oreal SA.

"If we cannot reach the growth and the profitability at the right price point, then that is not an option. And this is why, obviously, this deal didn't go through, because it was not at the right price," de La Faverie said.

The CEO added that Estée Lauder remains open to acquisitions if they meet financial requirements.

Puig owns Jean Paul Gaultier. Reuters reported that leaks, disagreements between the controlling families, and demands, including from make-up magnate Charlotte Tilbury, led to the collapse of the talks.

In May, the Clinique and M.A.C owner said it would cut 9,000 to 10,000 jobs worldwide as part of its Beauty Reimagined strategy, targeting $1.2 billion in annual cost savings.