For the past two months, the intense mutual heavy petting between The Estée Lauder Companies and Puig, which would have potentially created the largest prestige beauty conglomerate in the world, was discussed as if the deal were a fait accompli. And yet many of the details hadn’t been ironed out: the acquisition cost, the leadership structure, the complicated interpersonal dynamics between two family-controlled conglomerates, etcetera. Nevertheless, the industry never seemed to contemplate that the merger might not happen. The prevailing notion was that these were sensible and well-capitalized companies whose overlords and management teams would eventually resolve the thorny particulars.