Pernod Ricard and Brown-Forman have confirmed that talks regarding a potential business combination have been terminated after the two spirits giants failed to reach mutually acceptable terms. The companies had first confirmed discussions in late March 2026, noting at the time that there could be no assurance any agreement would be reached.
The collapse of the deal marks the end of what would have been one of the most significant consolidation moves in the global spirits industry in recent years.
A merger between the two companies would have created a conglomerate rivaling Diageo in terms of portfolio depth and geographic reach, combining Pernod Ricard’s extensive brand stable with Brown-Forman’s portfolio, which is anchored by the Jack Daniel’s family of brands alongside Woodford Reserve, Old Forester, and its single malt Scotch whisky trio of The Glendronach, Glenglassaugh, and Benriach.
Brown-Forman issued a statement following the termination of discussions. “We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities,” the Louisville, Kentucky-based company said. “This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency.”
Pernod Ricard struck a similarly forward-looking tone. The Paris-headquartered group said it “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.”
Neither company disclosed specific details about why terms could not be agreed upon.
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The failed talks come amid broader speculation about Brown-Forman’s future direction. Earlier in April, The Wall Street Journal reported that Sazerac, owner of brands including Buffalo Trace, Eagle Rare, George T. Stagg, and Elmer T. Lee, had approached Brown-Forman about a potential deal. There has been no public update on those reported discussions as of yet.
