Pernod Ricard and Brown-Forman are in talks over a deal to form a "partnership akin to a merger of equals", the spirits giants have said. Earlier today, Bloomberg and Reuters reported the distillers had held discussions over a possible transaction. In the wake of the reports, shares in Brown-Forman jumped but Pernod's share price fell. “We note the recent market rumours regarding a potential business combination involving Brown-Forman and Pernod Ricard," a brief statement issued by the US group at afte ...

Pernod Ricard and Brown-Forman have reportedly held early-stage talks on a potential deal that could see the French group buy its fellow spirits giant. Shares in the Jack Daniel's maker were up more than 20% in the wake of a Bloomberg report that said the two spirits giants had held "initial discussions". According to Bloomberg, which cited unnamed sources, Pernod is exploring a possible acquisition of its US peer. The two companies have had early-stage talks about a possible "combination", the business ...

Market Overview - Major U.S. indices closed in the green, with the Dow Jones up more than 20 points (approximately 0.5%), the S&P 500 gaining over 50 points (0.8%), the Nasdaq composite rising about 1.3%, and the Russell 2000 increasing by about 28 points (1.1%) [6] - The S&P 500 saw 284 names gaining ground, while 217 declined [7] Sector Performance - Consumer discretionary was the top-performing sector, increasing by 2.2%, followed by information technology, which rose by about 1.3%. Energy sector faced volatility, declining by approximately 0.7% [8] Notable Gainers - Coinbase was a significant gainer, up about 15% following a meeting between President Trump and Coinbase CEO Brian Armstrong, which was linked to discussions on crypto market structure [9][10] - Moderna was the top gainer in the S&P 500, rising by about 16% after settling litigation related to its COVID-19 vaccine technology, effectively removing a major financial risk [15][16] - Ross Stores rallied about 8% after reporting comp sales growth of 9% for the fourth quarter, surpassing the consensus estimate of just under 5% [18] Notable Decliners - Mosaic Company declined by 2.9% amid a Justice Department investigation into potential antitrust violations related to pricing practices [20] - Brown-Forman, known for brands like Jack Daniel's, fell close to 7% despite reporting quarterly results that exceeded estimates, due to ongoing weakness in the U.S. spirits market [21][22]