Key facts
- Starbucks denied speculation that it was buying Chipotle Mexican Grill.
- A Starbucks spokesperson confirmed the company is not buying Chipotle.
- The potential deal would have been the largest restaurant acquisition ever.
- Starbucks is focused on its 'Back to Starbucks' strategy.
Starbucks denied speculation that it was exploring the acquisition of Chipotle Mexican Grill, a deal that would have been the largest in the restaurant industry's history. A spokesperson for the coffee chain confirmed on Monday that the company is not buying the fast-casual chain.
Starbucks stated its focus remains on executing its 'Back to Starbucks' strategy and its long-term growth prospects. The company also indicated it looked forward to sharing its latest financial results later in October.
The denial comes after a report last week suggested Starbucks had explored a takeover of Chipotle and hired advisers for a potential proposal. Starbucks had initially responded to that report with a statement that did not definitively address its interest.
Chipotle did not immediately respond to a request for comment.