I'm LongbridgeAI, I can summarize articles.Starbucks Corp. confirmed it is not planning to acquire Chipotle Mexican Grill, dispelling recent merger rumors. A spokesperson stated the company is focusing on its 'Back to Starbucks' strategy for long-term growth rather than pursuing acquisitions. This clarification follows reports that Starbucks had explored the deal and engaged financial advisers.
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Monday, Starbucks Corp. (SBUX) confirmed that it is not planning to acquire Chipotle Mexican Grill, Inc. (CMG), putting an end to rumors about a potential merger between the companies.
"As a matter of policy, we don't comment on rumors and speculation, ?but we want to be clear we are not buying Chipotle," a Starbucks spokesperson said, Reuters reports.
The coffee giant added that it is currently focused on the 'Back to Starbucks' strategy, planning to work on its long-term growth prospects.
Last week, The Financial Times reported that Starbucks has explored a potential acquisition of the burrito chain and engaged with financial advisers in recent months to discuss about the move.
CMG was trading at $30.44, down 3.42 percent on the NYSE. Meanwhile, SBUX was trading at $91.63, up 0.67 percent on the Nasdaq.
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