Starbucks denies it is acquiring Chipotle Mexican Grill

Summarised from 2 outlets · Updated 12 Oct, 14:32 · Archive

Starbucks has denied reports that it is considering acquiring Chipotle Mexican Grill.

Starbucks on Monday denied that it is considering acquiring Chipotle Mexican Grill in what would be the largest restaurant takeover ever. A Starbucks spokesperson told CNBC that "Starbucks is not buying Chipotle". The denial came after the Financial Times reported that Starbucks had been working with advisers on a takeover proposal in recent months, citing people familiar with the matter.

The takeover rumours had moved markets. Chipotle's stock was down more than 2 per cent in premarket trading following the denial, while Starbucks shares were more than 1 per cent higher. Earlier in October, Semafor reported that Chipotle had hired advisers to defend against activist investors or an unwanted takeover bid. Some Chipotle investors had been anticipating a potential deal involving Brian Niccol, who previously led Chipotle and is now CEO of Starbucks. Chipotle shares have fallen about 20 per cent over the last year.

How it is being reported

• Starbucks denies plan to buy Chipotle after report of possible takeoverStarbucks said it doesn't plan to bid for Chipotle Mexican Grill, saying the coffee chain is focused on organic growth.CBS News · 12 Oct, 17:55
• Starbucks says it is not buying Chipotle after takeover speculation"Starbucks is not buying Chipotle," a Starbucks spokesperson told CNBC.CNBC · 12 Oct, 14:23

In this story: Starbucks · Chipotle Mexican Grill · Brian Niccol · CNBC · Financial Times

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem