Will the US Toast France’s Pernod Ricard Swallowing Jack Daniels?

Pernod Ricard SA’s talks to acquire spirits rival Brown-Forman Corp., the owner of Jack Daniel’s whiskey, may seem like small beer; the combined company would have annual sales of about $15 billion, still less than Diageo Plc’s $20 billion or so. But the mooted tie-up is an indication that distiller...

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