NEW YORK, United States — Estée Lauder Companies said "there is no truth" to rumours that it's in talks for a potential sale or merger.

“The Estée Lauder Companies is not for sale,” executive chairman William Lauder and chief executive officer Fabrizio Freda said to employees Sunday in an internal memo, which was obtained by Bloomberg News. The family and the board place “great value in remaining independent,” the New York-based company said. Estée Lauder “is strong and we have excellent momentum going forward.”

A CNBC report earlier this month said Procter & Gamble Co. might be interested in Estée Lauder, while Sanford C. Bernstein analyst Andrew Wood wrote in a note to clients that Unilever and L'Oréal could be good suitors.

The Lauder family controls about 87 percent of Estée Lauder shares, whose value have risen 39 percent this year through Friday’s close. The stock fell as much as 2.1 percent to $104.30 on Monday.

By Stephanie Wong; editors: Nick Turner, Jonathan Roeder, Lisa Wolfson.