Starbucks says it is not buying Chipotle after takeover speculation - CNBC
Starbucks has officially denied rumors that it is planning to acquire Chipotle Mexican Grill. The denial follows intense market speculation that caused volatility in both companies' stock prices.
Why it matters
The clarification ends a period of market uncertainty and highlights the sensitivity of stock prices to rumors involving major corporate entities.
Starbucks on Monday denied it is considering acquiring Chipotle Mexican Grill in what would be the biggest-ever restaurant takeover.
"Starbucks is not buying Chipotle," a Starbucks spokesperson told CNBC's Jim Cramer.
Chipotle's stock was down nearly 4% in morning trading Monday following the statement, while Starbucks shares were 1% higher.
The coffee giant's denial comes after days of rumors about a potential megadeal between the two restaurant companies.
On Thursday, the Financial Times reported that Starbucks had been working with advisors on a Chipotle takeover proposal in recent months. The newspaper cited people familiar with the matter.
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