Pernod Ricard and Brown-Forman have ended talks about a potential business combination after failing to agree on mutually acceptable terms. The collapse comes just one month after both companies had confirmed discussions on a possible merger that could have reshaped the global spirits industry (inside.beer, 27.03.2026).
Brown-Forman said it would now focus on its own strategic and operational priorities, including geographic expansion, brand development and efficiency improvements. Pernod Ricard also stressed that it remains confident in its existing strategy and operating model.
The failed deal could strengthen the hand of Sazerac, which has reportedly offered around USD 15 billion, or USD 32 per share, for Brown-Forman. According to Reuters, the bid complicated Pernod Ricard’s attempt to combine with the owner of Jack Daniel’s. Sazerac, known for Buffalo Trace, already has long-standing ties to Brown-Forman and previously acquired Southern Comfort from the group.
The main obstacle remains control. The Brown family still holds a decisive voting position, and a cash takeover by Sazerac would likely require it to give up influence over a company it has controlled for generations. A deal with Pernod Ricard, by contrast, could have allowed the family to retain some role through a share-based structure.
