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Brown-Forman Calls Off Pernod Merger, Shares Slide 5%

4/29/2026

50 3 Full Breakdown

Summary

Story summary

Brown-Forman Inc. and Pernod Ricard SA announced on April 28, 2026 that they ended merger talks.
Brown-Forman’s shares fell about 5% in after-hours trading on the same day.
Sazerac reportedly offered $15 billion, or $32 per share, to acquire Brown-Forman.
Sources said the Brown family preferred a Pernod Ricard deal that would let them retain a stake.
Both companies said they will focus on expanding geographic footprint and improving efficiency.

History

Historical Context

In 2008, Belgian-Brazilian brewer InBev bought Anheuser-Busch for about $52 billion, gaining control of more than 70 % of U.S. beer sales and creating the world’s largest beverage group. That deal sparked a wave of consolidation, prompting rivals such as Diageo and Constellation Brands to expand. Today, talks by Brown-Forman with Pernod Ricard and Sazerac’s $15 billion bid echo the same pressure to reshape distribution and pricing.

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Story summary

Brown-Forman Inc. and Pernod Ricard SA announced on April 28, 2026 that they ended merger talks.
Brown-Forman’s shares fell about 5% in after-hours trading on the same day.
Sazerac reportedly offered $15 billion, or $32 per share, to acquire Brown-Forman.
Sources said the Brown family preferred a Pernod Ricard deal that would let them retain a stake.
Both companies said they will focus on expanding geographic footprint and improving efficiency.

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