Rich Families Behind Jack Daniel’s, Ricard Hold Keys to Merger

The billionaire families behind Tennessee whiskey maker Jack Daniel’s and Ricard, the anise-tinged aperitif evocative of southern France, are exploring whether they’ll be stronger together. But that requires both to loosen control, which may not be so easy.

Brown-Forman Corp. and Pernod Ricard SA are in talks on a “merger of equals” that would unite dozens of labels ranging from Old Forester, Herradura and Fords, to Martell, Jameson and Absolut. The rationale is simple: Combined, they would have more heft to compete with giants such as Diageo Plc, Davide Campari-Milano NV and the drinks division of luxury conglomerate LVMH ...