Starbucks flatly denies it is buying Chipotle, killing speculation over a $40 billion deal

Starbucks on Monday issued a direct denial of takeover speculation, with a spokesperson telling CNBC: "Starbucks is not buying Chipotle." The statement put an end to days of rumors about what would have been the largest restaurant acquisition in history, valued at roughly $40 billion.

The speculation had been fueled by a Financial Times report published Thursday, citing people familiar with the matter, that said Starbucks had been working with advisers on a takeover proposal for Chipotle in recent months. Earlier in October, Semafor had separately reported that Chipotle hired advisers to defend against activist investors or an unwanted takeover bid, suggesting the fast-casual chain was already anticipating outside interest. Chipotle shares had fallen roughly 20% over the prior year, making it a cheaper potential target as the company worked to recover from a traffic decline in 2025.

Markets moved quickly on the denial. Chipotle shares dropped more than 2% in premarket trading Monday after the news, reversing gains accumulated during the rumor period, while Starbucks stock rose more than 1% as investors appeared relieved the company would not take on a deal of that scale.