The Financial Times reported that Starbucks has explored a potential acquisition of Chipotle in recent months.
It remains unclear whether Starbucks made a formal offer or how likely a deal is to materialize. Neither Starbucks nor Chipotle would comment on the report.
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Following the report, Chipotle shares rose about 7%, while Starbucks stock fell about 2%.
Starbucks CEO Brian Niccol previously led Chipotle before joining Starbucks in 2024.
Starbucks has about 41,000 locations, while Chipotle has nearly 4,200 locations.
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