Brown-Forman and Pernod Ricard say merger talks have ended
Merger talks between Brown-Forman and Pernod Ricard have ended without an agreement, the companies announced Tuesday.
“The companies were unable to reach mutually acceptable terms,” Pernod Ricard said in a news release. “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.”
Louisville-based Brown-Forman said in a statement that it intends “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.”
The two companies had confirmed March 26 that they were discussing “a potential business combination.”
Brown-Forman, the parent company of Jack Daniel’s Tennessee Whiskey, Old Forester and Woodford Reserve, said at the time that there was no guarantee a deal would get done with the French company but said that if it did happen, the “partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies, and creating value for shareholders.”
Pernod Ricard is the world’s second-largest spirits group.
Earlier this month, the Wall Street Journal reported that competing bourbon maker Sazerac has offered $15 billion for Brown-Forman, or $32 a share.
