Pernod Ricard S.A.

Pernod Ricard has released its half-year report on the liquidity contract entrusted to Rothschild Martin Maurel, showing 6,500 shares and €4,060,352 in the liquidity account as of 30 June 2026. Over the first half of 2026, purchases totaled 328,237 shares for €23,542,435.55 across 3,605 transactions, while sales reached 336,737 shares for €24,214,573.66 across 3,630 transactions. The company noted that as of 31 December 2025, the account held 15,000 shares and €3,347,050. Effective 1 July 2026, management of the liquidity agreement has been transferred to Rothschild & Co Global Markets Solutions (Europe) SA following a reorganization within the Rothschild & Co group, with no impact on the agreement's terms or allocated resources.

Brown-Forman's board has dismissed an unsolicited takeover proposal from privately owned spirits group Sazerac as not actionable. Sazerac submitted a cash offer of $32 per share on May 1, valuing the company at approximately $15 billion, and recently sent a letter to Class A shareholders seeking discussions on financial terms and strategic rationale, indicating willingness to improve its offer. A group representing Brown family members, who control a majority of Class A shares, reaffirmed confidence in the company's long-term strategy and said the proposal does not align with its vision. The approach followed the collapse of merger talks between Brown-Forman and Pernod Ricard in late April, and any transaction would require Brown family approval.

Brown-Forman, the U.S. maker of Jack Daniel's whiskey, announced that President and CEO Lawson Whiting has decided to step down. The timing of his departure is undetermined, and he will continue in his role until a successor is named. The board has begun a search for the next CEO, considering both internal and external candidates. The company is facing a prolonged slump in alcohol consumption and has been exploring strategic options in recent months. In May, it rejected a 15 billion dollar takeover bid from Sazerac, and in April, it ended merger talks with Pernod Ricard after failing to agree on terms.

Brown-Forman Corporation is viewed as a materially undervalued takeover candidate, with a bullish thesis suggesting the spirits company could be worth well above $40 per share compared to its recent trading price of $27.96. The analysis highlights privately held Sazerac as a more suitable strategic partner than previously speculated suitor Pernod Ricard, given Sazerac's family ownership and cultural alignment with Brown-Forman. A combination could create a spirits powerhouse with nearly $10 billion in revenue while preserving family stewardship, though regulatory scrutiny and competing bids remain possible. The prospect of a competitive bidding process is seen as a catalyst for a significant rerating of the stock, which currently trades at a trailing P/E of 18.27 and a forward P/E of 16.16.