MILAN – Starbucks has no plans to acquire Chipotle Mexican Grill, the global coffee chain said on Monday, dismissing speculation that it was considering a deal for the U.S.-based burrito and taco restaurant operator. “As a matter of policy, we don’t comment on rumours and speculation, but we want to be clear we are not buying Chipotle,” a Starbucks spokesperson said. Chipotle did not immediately comment.
The takeover speculation stemmed from a Financial Times article published last Thursday, citing people familiar with the matter.
Analysts had been sceptical from the outset about the feasibility of such a deal, given the markedly different nature of the two companies’ businesses-
Nevertheless, the prospect proved intriguing for markets and gained a degree of credibility from the fact that Starbucks’ current chief executive, Brian Niccol, served as Chipotle’s CEO from 2018 to 2024, leading the company through a successful transformation and turnaround programme.
The news reported by the FT had sent Chipotle’s shares soaring (+8%) and caused Starbucks’ shares to fall (-3%)
Following yesterday’s denial, Starbucks’ share price has rebounded, whilst Chipotle’s has slipped into negative territory.
Starbucks has reiterated that it is focused on its ‘Back to Starbucks’ plan and has strong momentum and confidence in its long-term growth prospects.
The publication of the fourth-quarter results and the 2027 outlook is scheduled for this month.
Dining and Cooking