Starbucks said it doesn't plan to bid for Chipotle Mexican Grill, saying the coffee chain is focused on organic growth.
Starbucks shot down reports that the coffee giant was considering acquiring restaurant chain Chipotle Mexican Grill.
A spokesperson for Starbucks said it is not buying Chipotle, which has a market worth of $47 billion, saying that the company is focused on its strategic plan to boost growth.
"Our team is laser-focused on executing our Back to Starbucks strategy. We have strong momentum and confidence in our long-term growth potential. We look forward to sharing our Q4 results, including FY27 guidance, later this month," a Starbucks spokesperson said in a statement to CBS News.
Chipotle's stock soared as much as 8% last week after the Financial Times reported that Starbucks had been exploring a deal to purchase Chipotle.
Industry analysts were skeptical of the report. TD Cowen analysts said in a research note last week that they considered a merger between Starbucks and Chipotle "a low-probability outcome," and instead expected Starbucks chief executive Brian Niccol to prioritize the company's turnaround plan.
Niccol previously served as CEO of Chipotle, whose stock price has dropped about 50% since he left the post in August 2024. The shares have lost about 20% of their value over the past year.