NRT briefing
Starbucks says it is not buying Chipotle following deal speculation
Based on reporting by Fox Business.
The Brief
Starbucks has denied speculation that it is planning to acquire Chipotle Mexican Grill. A Starbucks spokesperson confirmed to FOX Business on Monday that the company is not buying the burrito chain, following a Financial Times report that Starbucks had recently explored a potential bid with advisers.
The report cited people familiar with the matter. Starbucks reiterated that its team is focused on executing its “Back to Starbucks” strategy and looking forward to sharing Q4 results and FY27 guidance later this month.
The proposed deal would have reunited Starbucks CEO Brian Niccol with Chipotle, where he served as CEO for six years before leaving in 2024. Chipotle shares rose over 7% after the initial report, while Starbucks shares fell about 3%. After the denial, Chipotle shares dropped about 4% and Starbucks rose roughly 1.5%.
A combined company would have had about $50 billion in annual sales, according to Reuters, which contributed to this report.