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Brown-Forman and Pernod Ricard are in acquisition talks, potentially creating a global spirits powerhouse to rival Diageo. Both BF.B and PRNDY have seen significant share price declines and now trade at comparable valuation multiples. Synergies from a potential deal would be substantial, and the two businesses complement each other both geographically and from a brand perspective.

Shares in the French distiller initially fell on reports of talks with ts Kentucky-based peer, but investors changed their minds after the companies confirmed the talks.

A prospective tie-up between France's Pernod Ricard and Jack Daniel's maker Brown-Forman would ‌test whether the powerful families behind the two drinks groups can unite to scale up in a slowing global spirits market.

PARIS--(BUSINESS WIRE)--Regulatory News: Pernod Ricard (Paris: RI) Press release – Paris, 26th March 2026 Following recent speculation in the press, Pernod Ricard confirms that it is in discussions regarding a potential business combination with Brown-Forman. If agreed and subject to customary approvals, this partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies, and creating value for shareholders of both companies. The contemplated combinatio.

The two companies are discussing a deal that is mostly stock and could be weeks away.

LOUISVILLE, Ky.--(BUSINESS WIRE)--Brown-Forman Corporation (NYSE: BFA, BFB) today issued the following statement: “We note the recent market rumors regarding a potential business combination involving Brown-Forman and Pernod Ricard. Brown-Forman regularly explores and evaluates strategic opportunities, and can confirm it is engaged in discussions with Pernod Ricard. If agreed and subject to customary approvals, this partnership would be akin to a merger of equals, drawing from the talent and ex.

Shares of Brown-Forman surged, after Bloomberg reported that Pernod Ricard was looking into a potential acquisition of the Jack Daniel's whiskey parent.