starbucks He denied on Monday that he was considering a takeover. Chipotle Mexican Grill This is the largest restaurant acquisition in history.
“Starbucks is not acquiring Chipotle,” a Starbucks spokesperson told CNBC’s Jim Cramer.
The statement sent Chipotle stock down nearly 4% in morning trading Monday, while Starbucks stock rose 1%.
The coffee giant’s denial comes after days of rumors about a possible mega-deal between the two restaurant companies.
On Thursday, the Financial Times reported that Starbucks has been working with advisers in recent months on a potential takeover of Chipotle. The newspaper reported this, citing a person familiar with the matter.
Semafor reported in early October that Chipotle had hired advisors to protect it from activist investors and unwanted takeover proposals. The fast-casual chain is aiming to recover from a difficult 2025, when restaurant traffic declined. Chipotle stock has fallen about 20% over the past year, making it a cheap target.
Chipotle’s stock price rose on rumors of a deal, but Starbucks’ stock price fell on the news.
Chipotle investors had been hoping for a possible reunion with Brian Nicol, who previously led Chipotle and is now CEO of Starbucks. But Starbucks shareholders were primarily concerned about high costs as the coffee chain is in the midst of a restructuring.
