SEATTLE (dpa-AFX) - Starbucks (SBUX) said Monday it is not acquiring Chipotle Mexican Grill, putting an end to speculation about a potential transaction that could have ranked among the largest restaurant deals ever.
'We want to be clear we are not buying Chipotle,' a Starbucks spokesperson said. The statement followed a Financial Times report last week that Starbucks had worked with advisers on a possible acquisition proposal.
Chipotle shares fell about 4 percent following Starbucks' denial, while Starbucks gained about 1 percent. Earlier takeover speculation had pushed Chipotle up more than 7 percent and Starbucks down roughly 3 percent.
A combination would have created a restaurant group with about $50 billion in annual sales. Analysts, however, questioned the strategic and financial rationale for a deal while Starbucks remains focused on its turnaround.
Starbucks reiterated that management is 'laser focused' on its 'Back to Starbucks' strategy under CEO Brian Niccol, who previously led Chipotle for six years.
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