Тут типа аналитика по поводу не состоявшегося слияния перно и Браун форман

Тут типа аналитика по поводу не состоявшегося слияния перно и Браун форман. Красивый термин, ранее не встречал: «каннибализация брендов». Точное описание. Ну и рассуждения про сазерак. Там вообще смысла нет - консолидация на рынке сша? While Brown-Forman’s union with Pernod Ricard has been left at the altar, could wedded bliss still be on the cards for the Kentucky firm?

Pernod and Brown-Forman’s deal is over, but the US firm may still find corporate matrimony

*This story was first published in the May issue of The Spirits Business magazine.

In March, Pernod Ricard and Brown‐Forman confirmed they were considering “a merger of equals”. But as we readied to go to press, the spirits companies confirmed they had failed to reach mutually agreeable terms.

However, in that month, analysts weighed in on the potential deal like guests deliberating an unexpected match at a wedding, with plenty of speculation as to what the joining together of these big players could mean for the global spirits industry.

This isn’t the first time we’ve seen two powerhouses come together in corporate matrimony. The 2014 acquisition of Beam by Suntory Holdings marked a turning point for the global spirits industry. The deal, valued at around US$16 billion, was driven by a clear mutual benefit: Maker’s Mark owner Beam brought a dominant position in Bourbon and an established distribution network to the table, while Hibiki owner Suntory contributed strength in Japanese whisky and access to Asian markets. The combination ended up birthing the world’s third‐largest premium spirits company, Beam Suntory (now called Suntory Global Spirits). It also highlighted the growing importance of distribution power, as larger players gained leverage with retailers and on‐trade partners.

A merger between Brown‐Forman and Pernod would likely have followed a similar strategic logic, but with greater complexity and higher stakes. Like Beam Suntory, it would have combined strong US whiskey assets with an extensive global distribution platform. But the portfolio overlap would have been greater, with risks of brand cannibalisation and potential divestitures. “The primary driver is the resolution of Pernod Ricard’s historical weakness in the American whiskey category,” says Filiberto Amati, partner at Warsaw‐based managing consultancy firm Amati & Associates. “While Pernod leads in Cognac and Irish whiskey, it lacks a high‐volume American pillar following the sale of Wild Turkey to Campari in 2009. Integrating Jack Daniel’s provides an immediate solution. It also opens up a joint opportunity to strengthen the RTD portfolio.”

Ben Tannenbaum, writer and vice‐president of brand partnerships at LineLeap, says while 200 million cases and 15 of the top 100 global spirits brands sounds great, “in practice, it becomes a rationalisation problem. When a mega‐merger triggers portfolio rationalisation, the conversation in the new organisation isn’t ‘who can find this brand?’ It’s ‘what does this brand do that nothing else in our portfolio already does?’. Brands that can’t answer that question clearly get rationalised out. The brands that make it through are the ones that own a specific moment so clearly that cutting them creates an obvious hole.” Amati warns that the combined entity would have faced scrutiny from competition authorities regarding Scotch and Tequila, as a merger would unite Pernod’s Olmeca with Brown‐Forman’s Herradura and El Jimador, “potentially creating a dominant Tequila pole that may require selective divestments to satisfy antitrust regulations”.

Amati says portfolio overlaps would also have come into play with Gin Mare, Malfy, Beefeater and Monkey 47, all of which would be competing for share of attention inside the stable.

Could a deal still be on the cards for Brown-Forman?

Significant implications

But the broader implications could have been even more significant. Tannenbaum says that this wasn’t a growth story: “Both companies came into these talks off of restructures and workforce cuts. A combined entity gets distribution leverage and cost savings.