PARIS, April 29 — French drinks giant Pernod Ricard said Tuesday that talks to buy Brown-Forman, the US owner of Jack Daniel’s whiskey, had ended without a deal.
The companies had confirmed in March they were holding talks.
But “these discussions ended without reaching an agreement”, Pernod, whose brands include Absolut Vodka and Jameson whiskey, said in a statement.
Brown-Forman confirmed that the companies were “unable to reach mutually agreeable terms.”
Of the two drinks giants, Pernod Ricard is valued at over €15 billion (RM69 billion) and Brown-Forman at US$12 billion (RM48 billion).
Rival American group Sazerac is reportedly also keen to acquire Brown-Forman but has not commented on a potential buyout.
Sazerac is a family-owned company with nearly 400 years of history. It operates distilleries worldwide including in the United States, France and India.
The alcohol sector is facing a difficult global environment, with consumption weakening worldwide and new tariffs – particularly in the United States – hurting major producers. — AFP