Chipotle Shares Jump 8% on Report Starbucks Explored Takeover Bid

Chipotle Mexican Grill shares rose as much as 8% on Thursday after the Financial Times reported that Starbucks has explored a deal to acquire the fast-casual chain, citing people familiar with the matter. Starbucks shares fell about 4.4% in earlier trading Thursday before closing largely flat. It is unclear whether Starbucks made a formal offer for Chipotle, a $41 billion chain. Neither company responded to CBS News' requests for comment. Starbucks CEO Brian Niccol was previously Chipotle's chief executive; Chipotle's stock has dropped roughly 50% since he left in August 2024. Wall Street analysts see no obvious synergies. TD Cowen called the deal "a low-probability outcome at this stage," saying a $40 billion acquisition would be "inconsistent" with Niccol's "Back to Starbucks" U.S. turnaround. Melius Research noted Niccol's Chipotle tenure gives him familiarity with the business. Seaport Research Partners questioned what Niccol would do differently from Chipotle's current management.