Brown-Forman shares drop as Pernod merger talks end
Shares of Brown-Forman fell nearly 6% after the company and Pernod Ricard ended merger talks by mutual agreement. Analysts downgraded the stock to underperform.
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BROWN-FORMAN CORP-CLASS A shares fell 6% Wednesday morning after merger talks with France-based PERNOD RICARD SA collapsed. The companies ended discussions on Tuesday after failing to reach mutually acceptable terms for the proposed spirits tie-up. The failure leaves Brown-Forman exposed to slowing demand and cost pressures that have erased 19% of its value annually.
