B-F and Pernod Terminate Merger Talks 

Dear Client: After confirming merger talks just last month [see WSD 03-27-2026], Brown-Forman and Pernod Ricard today announced that those discussions have ended.  The companies were "unable to reach mutually agreeable terms," per announcements.  B-F stated: "We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities. This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency."  For Pernod's part, they "remain