Pernod Ricard Ends Merger Talks with Brown-Forman
Pernod Ricard ended merger talks with Brown-Forman today after failing to reach terms. The deal would have united two major spirits firms. Brown-Forman shares fell 4% in late trade.
Pernod Ricard ended merger talks with BROWN-FORMAN CORP-CLASS A on Tuesday after failing to reach mutually acceptable terms. The deal would have combined the world's second-largest spirits maker with the top United States whiskey producer. Investors lost a potential industry consolidation play, sending Brown-Forman shares down 4% in extended trading.
Pernod Ricard stated Tuesday it remains focused on its existing strategy and operating model to deliver long-term value. The announcement follows a disclosure last month that the two entities were discussing a potential tie-up. Last month, Reuters reported the news, by Abigail Summerville.
