Pernod Ricard and US-based Brown-Forman, the owner of Jack Daniel’s, ended their “merger of equals” talks overnight on 28-29 April after failing to agree on terms acceptable to both sides. The talks had been announced in late March.
Pernod Ricard’s market value tops €15bn ($17bn); Brown-Forman’s is around $12bn. On the news, Brown-Forman shares fell as much as 9.8% in after-hours trading (still up 6.4% year-to-date), while Pernod Ricard dropped 12% in Paris. A Pernod spokesperson cited “a combination of factors” linked to the debt structure and the broader economic backdrop. In parallel, US rival Sazerac — owner of more than 500 spirits brands — has tabled a competing roughly $15bn offer for Brown-Forman, equivalent to $32 per share.
Analysts are split: combined, Brown-Forman and Sazerac would control over 30% of the US whiskey market, almost certainly triggering a “deep review” by competition authorities and requiring significant divestitures, according to Barclays. Pernod Ricard, which also owns Absolut vodka and Jameson Irish whiskey, lowered its annual guidance in mid-April, calling 2025-26 a “transition year.” Source: Les Echos, 29 April 2026.