Chipotle Stock Gains on Starbucks Takeover Proposal Report. Does a Deal Make Sense?

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Starbucks CEO Brian Niccol oversaw a turnaround at Chipotle Mexican Grill during his time at the helm there. (Luke Sharrett/Bloomberg)

Key Points

The Financial Times reports that Starbucks has explored a takeover of Chipotle Mexican Grill.
Chipotle shares rise following the report, while Starbucks shares fall.
A potential deal would reunite Starbucks CEO Brian Niccol with Chipotle.

Starbucks has looked into a possible takeover of Chipotle Mexican Grill , according to a Financial Times report.

A potential deal would reunite Starbucks CEO Brian Niccol with the burrito chain that he helped transform, and, with Chipotle’s $41 billion market value, would represent the largest ever combination in the restaurant sector. Many questions remain, however, including the current status of Starbucks’ efforts—and the motivation behind such a proposal.

Starbucks has worked with advisers in recent months to discuss a takeover proposal for Chipotle, the FT reported, citing people familiar with the matter.

Neither Chipotle nor Starbucks immediately responded to requests for comment.

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Shares of Chipotle jumped 6.2% to $32.71 Thursday, making it the top performer in the S&P 500 in the session. Starbucks stock fell 3.6% to $90.21, putting it on pace for its lowest close since April, according to Dow Jones Market Data.

This is breaking news. Check back for more analysis soon.

Write to Ty Roush at tyler.roush@barrons.com

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