(The Center Square) – The company that makes one of America’s most popular whiskey brands is receiving interest from both foreign and domestic buyers.
Louisville-based Brown-Forman, which makes Jack Daniel’s, is in talks with France-based Pernod Ricard while also receiving a competing bid from Sazerac Company, an American company.
A foreign deal would likely be reviewed by the Committee on Foreign Investment in the United States (CFIUS), which looks at national security risks.
President Donald Trump has previously moved to block foreign acquisitions of American companies.
“There is credible evidence that leads me to believe that HieFo Corporation, a company organized under the laws of Delaware (HieFo) and controlled by a citizen of the People’s Republic of China … might take action that threatens to impair the national security of the United States,” Trump said in a January 2026 executive order.
Trump also previously said he would stop the sale of U.S. Steel to a Japanese company, before supporting a partnership between the two companies.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” Trump said.
Pernod Ricard confirmed it is exploring a deal.
“Following recent speculation in the press, Pernod Ricard confirms that it is in discussions regarding a potential business combination with Brown-Forman,” the company said.
It added that the deal would be “a merger of equals” and said a combined company would have “enhanced scale” and a “powerful brand portfolio.”
Meanwhile, Sazerac has offered about $15 billion to buy Brown-Forman, reports say. The company reportedly offered about $32 per share.
The competing bids come as alcohol companies deal with lower demand as younger Americans drink less.
Brown-Forman was founded in 1870 and owns several American whiskey brands, including Woodford Reserve and Old Forester. The Jack Daniel’s distillery in Lynchburg, Tennessee, is the first registered distillery in the United States.
Pernod Ricard operates globally and sells brands including Absolut Vodka and Jameson Irish Whiskey.
Sazerac already has ties to the Kentucky bourbon industry. It owns Buffalo Trace and other spirits brands.
Brown-Forman, Pernod Ricard, and Sazerac have not publicly detailed next steps. Any deal would likely face regulatory review and questions about who controls the company.
