Starbucks says not buying Chipotle, ends takeover speculation

Starbucks said it is not buying Chipotle Mexican Grill, shutting down takeover talk that had raised hopes of a possible blockbuster deal. The coffee chain reiterated in a statement that, while it does not comment on rumors, it is “not buying Chipotle.” The denial follows a Financial Times report dated October 8 that Starbucks had worked with advisers in recent months on a potential proposal. Starbucks shares were up about 1% in early trading, while Chipotle stock fell roughly 4%. The article notes that any combination would have reunited Starbucks CEO Brian Niccol with the burrito chain he led for six years, and that Starbucks continues to focus on its “Back to Starbucks” turnaround, led by store closures and menu and service simplifications.