Starbucks Explored Possible Chipotle Takeover

Starbucks has worked with advisers in recent months on a possible proposal to acquire Chipotle Mexican Grill, according to a Financial Times report citing people familiar with the matter. Neither company has confirmed the discussions, and it was not established whether Starbucks had made a formal offer. The report, published October 8, sent the companies’ shares in opposite directions. Chipotle shares rose during trading, while Starbucks shares fell. The reported moves varied by observation time: accounts described Chipotle gains of roughly 5% to 9% and Starbucks declines of about 3% to nearly 7%. The shifts followed the takeover speculation, not an announced transaction. The possibility would bring together two large restaurant businesses with different menus and operating models. Chipotle had a market value of nearly $39 billion in one account, while another put it at about $41 billion. A completed deal could rank among the largest restaurant transactions, but the reported discussions may not lead to an offer or agreement. Starbucks Chief Executive Brian Niccol previously led Chipotle for six years before joining Starbucks in 2024.