Starbucks denies plans to buy Chipotle after Financial Times takeover report
The coffee chain's spokesperson said on Monday, 12 October 2026, that it is not buying the burrito chain. The denial follows a Financial Times report in the week of 5 October that Starbucks had worked with advisers on a potential takeover proposal.
The denial
Starbucks said on Monday, 12 October 2026, that it is not buying Chipotle Mexican Grill, ending speculation about what would have been the largest restaurant deal on record. Reuters reported that the deal would have created a restaurant group with about $50 billion in annual sales, better placed to handle inflation-hit consumers, rising operating costs and pressure on profits. In an email to NBC News, the spokesperson said the company does not usually comment on rumours or speculation but wanted to state clearly that it is not buying Chipotle. The company also said its team is fully focused on its 'Back to Starbucks' strategy and that it plans to publish its latest financial results later in October.
The report behind the speculation
The Financial Times reported in the week of 5 October that Starbucks had worked with advisers in recent months on a potential takeover proposal for Chipotle. According to the Polish daily Rzeczpospolita, the newspaper said Starbucks had also hired advisers to prepare a purchase offer. Starbucks had issued an earlier statement that did not clarify whether it remained interested in Chipotle. Chipotle shares rose more than 7% after the report, while Starbucks shares fell about 3%.
- Financial Times reports Starbucks worked with advisers on a potential Chipotle takeover proposal; Chipotle shares rise more than 7%, Starbucks falls about 3%
- Starbucks spokesperson says the company is not buying Chipotle; premarket Starbucks shares up about 1%, Chipotle down about 2%
Market reaction
In premarket trading on Monday, Starbucks shares rose about 1%, while Chipotle shares fell about 2%. Handelsblatt reported that Starbucks shares recovered somewhat later that day. Chipotle, valued at around $40 billion on the New York Stock Exchange, did not immediately respond to a Reuters request for comment, and a Chipotle spokesperson declined to comment to Handelsblatt.
- Starbucks
- 1 %
- Chipotle
- -2 %
Two companies on different paths
Brian Niccol, who now runs Starbucks, led Chipotle until the end of 2024. Over the past 12 months, Starbucks shares rose 15%, while Chipotle shares fell 20%, according to Rzeczpospolita. Both companies face rising prices that strain consumer budgets and a decline in the number of customers visiting their restaurants. Both are working to revive sales, and Starbucks is running a broad recovery programme.
