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Pernod Ricard and Brown-Forman are in merger discussions amid a downturn in the spirits industry. A deal would combine Pernod's brands including Martell Cognac and Absolut Vodka with Brown-Forman's portfolio featuring Jack Daniel's, Fords Gin and Herradura tequila. The potential merger would create one of the world's largest alcohol producers.

Pernod Ricard and Brown-Forman are discussing a merger to consolidate amid an industry downturn. A combination would bring together Pernod's brands like Martell Cognac and Absolut Vodka with Brown-Forman's whiskeys such as Jack Daniel's and other brands including Fords Gin and Herradura tequila. Bloomberg's Manuel Baigorri reports. (Source: Bloomberg)