Sazerac explores acquisition deal with Brown-Forman

The privately held spirits manufacturer Sazerac is exploring a potential acquisition or partnership with BROWN-FORMAN CORP-CLASS B, the owner of the iconic Jack Daniel's brand. According to reports from the Wall Street Journal, the United States-based Sazerac has made an approach at a time when Brown-Forman is also reportedly in discussions with PERNOD RICARD SA regarding a separate merger possibility. Following these reports, shares of Brown-Forman, which has a market valuation of approximately $12.4 billion, surged by 13% in afternoon trading.