Brown-Forman confirms merger talks with Pernod Ricard

Brown-Forman Corporation has confirmed that it is engaged in discussions with Pernod Ricard about a potential business combination.

Rhea-AI Filing Summary

Brown-Forman Corporation has confirmed that it is engaged in discussions with Pernod Ricard about a potential business combination. The company describes the contemplated transaction as a possible merger of equals that, if agreed and subject to customary approvals, is expected to generate significant synergies.

The press release states that the combined group could create a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint. However, no agreement has been reached on any terms, and the company cautions there is no assurance that a transaction will occur and that it does not intend to comment further unless and until an agreement is reached.

Insights

M&A and corporate strategy analyst

Brown-Forman confirms high‑stakes merger talks but no deal yet.

Brown-Forman publicly acknowledges discussions with Pernod Ricard on a potential business combination framed as a merger of equals. Management highlights expected “significant” synergies, a larger global scale, and a stronger combined brand portfolio and geographic footprint if a transaction is ultimately agreed.

The disclosure is explicitly preliminary: there is no agreement on terms, any deal would be subject to customary approvals, and the company emphasizes that there can be no assurance a transaction will occur. This language underlines execution and regulatory uncertainty and avoids committing to a specific structure or timeline.

If negotiations advance to a signed agreement, subsequent filings would be expected to detail transaction terms, governance, ownership structure, and quantified synergies. For now, the main impact is confirmation that strategic M&A is being actively considered with a peer of similar scale.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Brown-Forman (BF-A) disclose about Pernod Ricard discussions?

Brown-Forman disclosed that it is in discussions with Pernod Ricard regarding a potential business combination. The company emphasized these talks are exploratory, with no agreement yet on terms, and there is no assurance any transaction will ultimately be reached.

How does Brown-Forman describe the potential Pernod Ricard transaction?

Brown-Forman describes the contemplated deal as akin to a merger of equals. It says such a combination, if agreed and approved, is expected to generate significant synergies and create a global spirits leader with enhanced scale and a powerful, diversified brand portfolio.

Have Brown-Forman and Pernod Ricard agreed on transaction terms?

No, Brown-Forman states that no agreement has been reached on the terms of any possible transaction. The company also notes there can be no assurance that any agreement will be reached, underscoring the preliminary and uncertain nature of the discussions.

What potential benefits does Brown-Forman highlight from a Pernod Ricard deal?

Brown-Forman highlights expected significant synergies from the contemplated combination. It says a deal could create a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint anchored by two long-standing families.

Will Brown-Forman provide ongoing updates on the Pernod Ricard talks?

Brown-Forman states that it does not intend to comment further on the discussions unless and until an agreement is reached. This means investors should not expect regular updates on negotiations unless they progress to a definitive transaction.

What type of filing did Brown-Forman use to disclose the Pernod Ricard talks?

Brown-Forman used a current report on Form 8-K under a Regulation FD disclosure item. The company furnished a press release as an exhibit, clarifying that this information is not deemed filed for liability purposes under Section 18 of the Exchange Act.

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Accepted by SEC EDGAR 03/26/2026 - 07:14 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 26, 2026

Brown-Forman Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-00123

61-0143150

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

850 Dixie Highway,

Louisville,

Kentucky

40210

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (502) 585-1100

Not Applicable

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A Common Stock (voting), $0.15 par value			BFA			New York Stock Exchange
Class B Common Stock (nonvoting), $0.15 par value			BFB			New York Stock Exchange
1.200% Notes due 2026			BF26			New York Stock Exchange
2.600% Notes due 2028			BF28			New York Stock Exchange

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

Brown-Forman Corporation (the “Company”) issued a press release on March 26, 2026, regarding a potential business combination involving the Company and Pernod Ricard, a copy of which is attached as Exhibit 99.1 and incorporated by reference in Item 7.01 of this Current Report on Form 8-K.

The information furnished pursuant to this Item 7.01 (and the related information in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.						Description
99.1						Brown-Forman Corporation Press Release dated March 26, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			BROWN-FORMAN CORPORATION
			(Registrant)
Date: March 26, 2026			/s/ Michael E. Carr, Jr.
			Michael E. Carr, Jr.
			Executive Vice President, General Counsel and Corporate Secretary

NEWS RELEASE

FOR IMMEDIATE RELEASE

BROWN-FORMAN CONFIRMS DISCUSSIONS WITH PERNOD RICARD

March 26, 2026, LOUISVILLE, KY — Brown-Forman Corporation (NYSE: BFA, BFB) today issued the following statement:

“We note the recent market rumors regarding a potential business combination involving Brown-Forman and Pernod Ricard. Brown-Forman regularly explores and evaluates strategic opportunities, and can confirm it is engaged in discussions with Pernod Ricard.

If agreed and subject to customary approvals, this partnership would be akin to a merger of equals, drawing from the talent and expertise of both companies, and creating value for shareholders.

Synergies from the contemplated combination are expected to be significant, creating a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint, all anchored by two iconic families. No agreement has been reached as to the terms of any possible transaction, and there can be no assurance that any such agreement will be reached. Brown-Forman does not intend to comment further unless and until an agreement is reached.”

About Brown-Forman

Brown-Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, “Nothing Better in the Market.” Our premium portfolio includes the Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 5,000 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170

countries. Learn more at brown-forman.com and stay connected with us on LinkedIn, Instagram, and X.

###

Media Contact: Brown-Forman@FGSGlobal.com

Investor Relations Contact: Sue Perram, Vice President, Investor Relations, Sue_Perram@b-f.com

Important Information on Forward-Looking Statements:

This press release contains statements that are “forward-looking statements” as defined under U.S. federal securities laws. These forward-looking statements reflect management’s expectations or projections regarding future events and speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections.

For further information on factors that could cause our actual results to differ materially from our historical experience or from our current expectations or projections, please refer to our public filings, including the “Risk Factors” section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 7.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 3.0 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 19.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 34.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 19.8 KB