Brown-Forman shares fall nearly 6% after merger talks with Pernod Ricard end.

Shares of Brown-Forman dropped nearly 6% in premarket trading after the company and Pernod Ricard mutually ended merger discussions due to disagreements over deal structure and financial terms. The deal's failure is significant as both companies have strong family ownership, requiring approval from Brown-Forman's controlling Brown family. This development follows a $15 billion bid from Sazerac for Brown-Forman earlier this month. Brown-Forman plans to focus on global expansion and operational efficiency amid sales pressures in the U.S. and Canada.