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Brown-Forman has declined to comment on reports claiming Constellation Brands has made a takeover move.

Brown-Forman is rumoured to have rejected Constellation Brands overtures

Brown-Forman is rumoured to have rejected Constellation Brands' overtures

In a story today, CNBC cited "people with knowledge of the matter" as saying Constellation "has made an approach to acquire" Brown-Forman. No further details were reported, apart from the claim that there are no ongoing discussions between the companies.

When contacted by just-drinks, however, a spokesperson for Brown-Forman said: "As a matter of corporate policy, we don't comment on market rumours or speculation."

Nobody was immediately available for comment at Constellation.

Brown-Forman's share price has risen this week, spiking at one point today at US$60.28. The shares closed last week at $53.65. The spirits group has a market capitalisation of around $22.4bn.

In year-to-date results, released in March, Brown-Forman posted a dip in sales for all three quarters to the end of January. At the time, the company lowered its underlying net sales expectations for fiscal-2017 to between +3% and 4%.


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