00:00Tell us more about what we've learned.
00:02And I just want to caveat everything by saying this is still a developing story.
00:05Nothing's officially announced yet, but we are hearing that the two companies have had some preliminary talks.
00:10And I think what's interesting about all of this is that we're in a backdrop right now
00:14where alcohol companies and spirits makers in particular have been facing, you know,
00:18weakening demand from consumers who aren't drinking as much or they're switching to less expensive spirits.
00:23And so, you know, part of the logic may be that by coming together, you know,
00:27if you have more scale, it helps you better navigate a more uncertain future.
00:32Absolutely. And we've heard how, again, it's not just liquor companies and spirit companies,
00:38but food companies overall that are dealing with a lot of shifts in consumer behavior and consumer tastes.
00:43Have either of these two companies looked into M&A in the recent past?
00:47So Pernod has been an acquirer in the past.
00:50And I think what's also interesting about all of this is we're seeing in the consumer and retail sector in
00:55particular
00:55a lot of these cross-border deals.
00:57And so if this does get announced, it will be just another example of these big consumer companies,
01:02you know, reaching across borders to do deals that folks have been waiting for for years.
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