U.S. coffee chain giant Starbucks is reportedly exploring an acquisition of Mexican food chain Chipotle Mexican Grill. The Financial Times reported the news on the 8th, citing people familiar with the matter. According to the report, Starbucks has spent the past few months in discussions with advisors about a takeover offer for Chipotle. If completed, it would combine two of the most prominent brands in the U.S. restaurant industry. Starbucks CEO Brian Niccol is the former chief executive of Chipotle, known for his management acumen in turning the company's performance around. Neither company could be reached for comment. Following the report, Chipotle shares rose about 5%, while Starbucks shares fell about 3%. According to LSEG data, Chipotle's market capitalization is about 39 billion dollars, while Starbucks' is about 107 billion dollars.
Chipotle Mexican Grill IncStarbucks is reportedly exploring a takeover offer for Chipotle, sending Chipotle shares up about 5%.
Starbucks CorporationStarbucks is reportedly exploring an acquisition of Chipotle, a major deal that sent Starbucks shares down about 3%.
