France closely watches Pernod Ricard and Brown Forman merger talks
The French government is closely monitoring discussions between Pernod Ricard and Brown Forman over a potential merger that could reshape the global spirits market.
Officials in Paris are focusing on key issues including the future headquarters location and board composition, according to Bloomberg, citing BFMTV. The talks, confirmed by both companies after initial reports on March 26, center on a proposed merger of equals between two family-influenced groups.
In separate statements, both companies said the deal could create a global leader with expanded scale, a strong brand portfolio, and balanced geographic exposure. The transaction is expected to include a significant share component, allowing the founding families to retain major stakes. The Brown family has controlled Brown-Forman since 1870, while the Ricard family continues to influence Pernod Ricard.
A combined entity would bring together leading brands including Jack Daniel’s, Woodford Reserve, Old Forester, and Herradura from Brown-Forman, alongside Jameson, Absolut, and Martell from Pernod Ricard. The merged group would have an estimated market value of around $29 to $30 billion, positioning it to compete more directly with industry leader Diageo.
Analysts estimate potential annual cost synergies of up to $450 million. The merger would also strengthen the companies’ position in the United States, where they currently rank fifth and seventh, potentially moving them to second place. Pernod Ricard’s distribution networks in China and India could also expand the reach of Brown-Forman brands in high-growth markets.
The talks come as the global spirits industry faces slowing demand, persistent inflation, and trade disruptions. In the United States, spirits sales fell 2.2 percent to $36.4 billion in 2025, according to the Distilled Spirits Council. Exports have also been affected, with shipments of U.S. spirits to Canada dropping sharply from $203 million in 2024 to $60 million in 2025.
No agreement has been finalized. Both companies said they will not comment further until discussions conclude or a deal is reached.
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