Brown-Forman and Pernod Ricard End Merger Talks with No Deal

Brown-Forman Corporation - Ends Merger Talks with Pernod Ricard

On March 26, 2026, Brown-Forman and Pernod Ricard confirmed that the two companies were in merger talks. Initial news came out the day before that Pernod Ricard was considering acquiring Brown-Forman. The next day the two companies released almost identical statements confirming the news but clarifying that discussions were under way as a ‘merger of two equals’.

Now a month later to the day, the two companies have released another round of almost identical statements to say the dating game is over with no deal and discussions have been terminated.

Here are the official statements from Brown-Forman and Pernod Ricard announcing the end of talks.

Pernod Ricard and Brown-Forman Terminate Discussions Regarding Potential Combination

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“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 and Pernod Ricard Terminate Discussions Regarding Potential Combination

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“Brown‑Forman Corporation announced that the company and Pernod Ricard have terminated discussions regarding a potential business combination, as the companies were unable to reach mutually agreeable terms. Brown‑Forman and Pernod Ricard previously confirmed discussions on March 26 and noted there could be no assurance that any such agreement would be reached.

“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.”

Brown-Forman added that they are focused on creating value for all stakeholders by advancing ongoing strategic and operational plans.

In general, distilled spirits stocks are down as the industry sees an across the board slow down. Year to Date Brown-Forman stock is up 6.41% while Pernod Ricard is down 12.07%.

What the Brown-Forman didn’t address in their latest release was the $15 billion cash offer from Sazerac, owners of Buffalo Trace Distillery in addition to many other spirits brands.