Brian Niccol, CEO of Starbucks Corp., during an interview with Bloomberg Television in New York, U.S., Friday, January 30, 2026.
Michael Nagle | Bloomberg | Getty Images
Starbucks On Monday, he denied considering acquiring Chipotle Mexican Grill in what would be the largest restaurant takeover ever.
“Starbucks is not buying Chipotle,” a Starbucks spokesperson told CNBC’s Jim Cramer.
Chipotle’s stock was down more than 2% in premarket trading Monday after the denial, while Starbucks shares were up more than 1%.
The coffee giant’s denial comes after days of rumors about a potential mega-deal between the two restaurant companies.
On Thursday, the Financial Times reported that Starbucks had been working with advisors on a proposed takeover of Chipotle in recent months. The newspaper cites people close to the matter.
Earlier in October, Semafor reported that Chipotle had hired advisors to defend against activist investors or an unwanted takeover bid. The fast-casual chain is trying to recover from a difficult 2025, where traffic to its restaurants plummeted. Chipotle shares are down about 20% over the past year, making it a cheaper target.
Rumors of a deal sent Chipotle shares soaring, while Starbucks shares fell following the reports.
Chipotle investors have been eagerly awaiting a potential reunion with Brian Niccol, who previously led Chipotle and is now CEO of Starbucks. But Starbucks shareholders were largely concerned about a costly distraction while the coffee chain is in the midst of its own turnaround.
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