Brown-Forman has refused to be drawn on reports that suggest the business is prefers a deal with Pernod Ricard over the purported proposal from Sazerac.
Last month, Pernod and Brown-Forman confirmed they were in discussions over a deal to form a “partnership akin to a merger of equals”.
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Reports have since emerged Sazerac has approached Brown-Forman about a possible deal between the two US groups, though the Buffalo Trace distiller has not yet commented publicly on whether it is interested in the Jack Daniel’s maker.
In a Bloomberg report yesterday (20 April), an unnamed source said the family that owns the Jack Daniel’s whiskey maker sees Pernod as a better match, as the combined business would have a diverse range of geographies and spirits.
When approached by Just Drinks on the Bloomberg report, Brown-Forman said: “At this time, we have no comment regarding conversations with Pernod Ricard or other speculated acquisitions or mergers.”
Soon after Bloomberg broke the news, Reuters also published a similar report, paraphrasing comments from an unnamed person familiar with the matter.
According to the source, Brown-Forman’s controlling family sees the Jameson whisky maker “as the more prestigious acquirer”, holding “a portfolio of stronger and more recognisable brands”, Reuters reported.
Speaking to analysts last week after Pernod Ricard released its third-quarter results, the group’s financial chief Hélène de Tissot said talks with Brown-Forman over a possible merger were “ongoing”.
Some hours prior to Pernod’s earnings call last week, reports from The Wall Street Journal and Reuters suggested Sazerac had made a bid for Brown-Forman of $32 a share, which would value the Woodford Reserve maker at around $15bn.
In a statement last month, Pernod said the “contemplated combination” with Brown-Forman “would create a global spirits leader with enhanced scale, a powerful brand portfolio and a balanced geographic footprint, all anchored by two iconic families”.
Pernod Ricard is the second-largest distiller globally after Diageo, owning brands such as Absolut vodka, Martell Cognac and Ballantine’s whisky.
Brown-Forman’s portfolio also includes Diplomático rum and gin brand Gin Mare.
Sazerac’s product range includes Buffalo Trace, Buzzball RTDs and Sazerac vodka, the latter of which it bought from Constellation Brands in 2024.
