+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

The owner of Corona reportedly offered to buy the owner of Jack Daniels but was turned down

Aug 26, 2024, 00:11 IST
Stephen Lovekin/Getty
Constellation Brands has approached Brown-Forman for an acquisition, according to a report by CNBC's Leslie Picker.

Brown-Forman was not interested in selling itself, the report on Tuesday said. The Brown family, which has passed down the company since its founding in 1870, controls more than two-thirds of the voting shares and previously indicated that it has no plans to sell.

Advertisement

Brown-Forman has a market cap of about $22.4 billion. Its shares fell by as much as 5% in the final hour of trading, while Constellation Brands dipped 1%.

In its fiscal third quarter ended January 31, Brown-Forman reported a 4% drop in net income to $182 million from the prior year. The company worked through "a continued challenging global backdrop for consumer staples," it said, and lowered its full-year outlook.

Markets Insider

More from Akin Oyedele:

NOW WATCH: Here's how long humans could survive in space without a spacesuit

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article