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Estée Lauder in Talks to Buy Puig to Create Beauty Giant

Estée Lauder said it's in talks to buy Puig Brands in a deal that would create a cosmetics giant with about $20 billion in annual sales. The companies declined to offer details on the terms. Puig, based in Spain, has a market value of about 10 billion ($11.6 billion), while Estée Lauder closed on Monday at around $30 billion. Bloomberg's Companies Reporter Clara Lizarraga joins to discuss.

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Bloomberg

Ares, Apollo Cap Private Credit Fund Withdrawals as Exodus Grows

Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market. The $10.7 billion Ares Strategic Income Fund limited withdrawals to 5% of shares after clients sought to redeem 11.6%, according to a letter to shareholders Tuesday. That followed the $15.1 billion business development company, Apollo Debt Solutions, which said Monday it was imposing the same cap after requests to pull 11.2%. Bloomberg's Paul Gulberg joins to discuss.

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Bloomberg

Silicon Valley's DC Summit Shadowed by War in Iran

The Hill and Valley Forum convened dozens of senior executives, venture capitalists, and government officials to discuss the US lead in artificial intelligence and its economic impact. Event organizers Christian Garrett, 137 Ventures partner and Delian Asparouhov, Founders Fund partner, join Caroline Hyde and Ed Ludlow on a special edition of "Bloomberg Tech" live from the event.

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