Pernod Ricard and Brown-Forman have concluded discussions about a potential combination between the two spirits companies, ending what could have been a major consolidation in the global alcohol industry.

The French spirits giant and the maker of Jack Daniel's whiskey announced in March that they were exploring a possible merger or acquisition. The talks represented a significant development in the spirits sector, as both companies are major players in the global alcoholic beverages market.

Pernod Ricard, which owns brands including Absolut vodka, Jameson Irish whiskey, and Chivas Regal scotch, had been pursuing Brown-Forman as part of its growth strategy. Brown-Forman, based in Louisville, Kentucky, is best known for its flagship Jack Daniel's Tennessee whiskey brand, one of the world's most recognizable spirits labels.

The end of negotiations means both companies will continue operating independently. Neither company provided specific details about why the discussions concluded or whether the talks might resume in the future. The spirits industry has seen increased consolidation activity in recent years as companies seek to expand their portfolios and global reach.