Three-component reactions of 7-hydroxy-4-methyl coumarin or 7-hydroxy-4-(trifluoromethyl) coumarin, dialkyl acetylenedicarboxylates and aromatic aldehydes in the presence of NEt3 lead to dialkyl (2E)-2-[aryl(hydroxy)methyl]-3-[(4-methyl-2-oxo-2H-chromen-7-yl)oxy]but-2-ene dioate or dialkyl (2E)-2-[aryl(hydroxy)methyl]-3-{(2-oxo-4-(trifluoromethyl)-2H-chromen-7-yl)oxy} but-2-ene dioate in good yields under mild reaction conditions.