Pernod Ricard (EU:RI) confirmed that it has ended negotiations with Brown-Forman (NYSE:BF.A) after the two sides were unable to agree on acceptable deal terms.
The discussions, which began a little over a month ago, concluded without reaching a formal agreement. Pernod Ricard had first disclosed on March 27, 2026, that it was evaluating a potential transaction with Brown-Forman, presenting it as a merger of equals that would combine the strengths and expertise of both groups.
While the company acknowledged the strategic appeal of such a combination, it said the proposed terms did not meet its criteria for creating shareholder value. Ending the talks reflects a disciplined approach to capital allocation.
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