Pernod and Brown-Forman fail to reach merger agreement
Merger talks between Pernod Ricard and Brown-Forman have formally ended after the spirits firms failed to reach mutually agreeable terms.
In a statement published late yesterday (28 April), Pernod Ricard confirmed discussions with the Jack Daniel’s owner have now terminated.
It read: “On 26 March 2026, Pernod Ricard and Brown-Forman confirmed that they were in discussions regarding a potential business combination.
“Pernod Ricard today announces that these discussions have ended and did not result in an agreement, as the companies were unable to reach mutually acceptable terms.
“Pernod Ricard remains fully focused and confident in its strategy and operating model, supported by strong and committed teams across the group to deliver sustainable long-term value for all stakeholders.”
Brown‑Forman also issued the following statement: “We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities. This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency.”
Paris-headquartered Pernod Ricard oversees a portfolio of approximately 200 spirits brands, including Jameson Irish whiskey, Absolut Vodka and Beefeater Gin. According to The Wall Street Journal, it has a market value of around US$17 billion.
Meanwhile, Louisville-based Brown-Forman, which owns brands such as El Jimador Tequila and Woodford Reserve, has an estimated market value of around US$12bn.
Combined, Pernod Ricard and Brown-Forman own 15 of the top 100 global spirits brands by volume, according to The Brand Champions 2025 report.
Sazerac deal
Just two weeks after publicly traded companies Brown-Forman and Pernod Ricard confirmed they were in discussions about a “merger of equals”, The Wall Street Journal reported that the former had been approached by Sazerac about a potential deal.
While both firms refused to comment on the rumour, a further report revealed that the Buffalo Trace owner had submitted a US$15bn bid to buy Brown-Forman.
It has not been confirmed whether this deal is still on the table. Sazerac is yet to comment publicly about its interest in Brown-Forman.
Brown-Forman reported stagnant sales in the nine months to 31 January 2026 as Canada’s year-long ban on US alcohol significantly impacted its revenue.
Sazerac’s financial performance is unknown due to its status as a privately held company.
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