Starbucks Denies Plans to Buy Chipotle

Starbucks has denied that it plans to acquire Chipotle, ending days of speculation sparked by a Financial Times report that Starbucks had worked with advisers on a possible deal. The report did not establish whether Starbucks made a formal offer, and the companies have not announced a transaction. The speculation drew attention in part because Starbucks CEO Brian Niccol previously led Chipotle and is now overseeing Starbucks’ turnaround, while Chipotle has faced weaker performance since his departure. Analysts have pointed to potential opportunities such as overlapping locations, but the chains’ different operations and the likely multibillion-dollar cost would make a combination complex; the rumors also moved both companies’ shares.