Diageo has declined to comment on speculation linking the drinks giant to a possible move for Brown-Forman.

A report in The Independent newspaper in the UK late last week linked a slight lift in Diageo's share price to rumours suggesting the company is one of two possible bidders for the US-based owner of Jack Daniel's and Southern Comfort. The newspaper did not cite the sources for the link.

When contacted by just-drinks, a spokesperson for Diageo declined to comment on the report. No-one was immediately available for comment at Brown-Forman when contacted by just-drinks.

A source close to the situation, however, has told just-drinks that a purchase by Diageo seems highly unlikely.

Last month, Brown-Forman posted a slight lift in net profit for the first nine months of its fiscal year, despite slowing sales in its third quarter.