Starbucks Says Not Buying Chipotle, Ends Takeover Speculation

3-line summary

• Starbucks said Monday it is not buying Chipotle Mexican Grill, ending speculation about what could have been the largest-ever restaurant-industry deal, according to Investing.com. Chipotle declined to comment.
• The speculation followed an October 8 Financial Times report, citing unnamed sources, that Starbucks had been reviewing a potential Chipotle acquisition with advisers for months; Chipotle shares rose more than 7% and Starbucks fell about 3% after that report. A combined company would have had about $50 billion in annual revenue; Chipotle's market cap is about $40 billion. Starbucks CEO Brian Niccol led Chipotle for six years before joining Starbucks in 2024.
• A Starbucks spokesperson said: "As a matter of policy, we don't comment on rumors and speculation, but we want to be clear we are not buying Chipotle," adding that management remains "laser focused" on its "Back to Starbucks" strategy with "strong momentum and confidence" in its long-term growth outlook. Starbucks shares rose about 1% and Chipotle fell about 3% in early trading Monday; Starbucks is due to report Q4 earnings and fiscal 2027 guidance later this month.

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