Pernod Ricard (EU:RI) said it has called off discussions with Brown-Forman (NYSE:BF.A) after the two companies were unable to agree on deal terms.
The negotiations, which had been underway for just over a month, ended without a transaction. Pernod Ricard had revealed on March 27, 2026 that it was exploring a potential tie-up with Brown-Forman, framing it as a merger of equals that would combine the capabilities and leadership of both businesses.
Despite recognising the strategic rationale behind a possible combination, Pernod Ricard concluded that the proposed structure would not deliver sufficient value for shareholders. The decision to step away highlights the group’s continued focus on disciplined capital allocation and long-term returns.