Brown-Forman Plunges After Jack Daniel’s Maker Ends Deal Talks

Brown-Forman Corp.’s stock plummeted after the Jack Daniel’s whiskey maker announced it has ceased short-lived discussions with French counterpart Pernod Ricard SA about a potential combination.

Shares in the owner of spirits brands including Woodford Reserve, Old Forester and Diplomático fell as much as 11% as of 10:20 a.m. Wednesday in New York, the steepest intraday drop since June of last year. The decline erases much of Brown-Forman’s gain since Bloomberg News first reported Pernod’s interest in a deal only a month ago.

The talks were cause for optimism among investors in Brown-Forman. Both firms ...