Chipotle rises after report that Starbucks has explored a deal

Chipotle Mexican Grill

08/10/2026 19:09

Updates
** Chipotle Mexican Grill shares CMG.N rise as much as 8.55% to $33.40, while Starbucks SBUX.O falls as much as 6.66% to $87.35
** SBUX has explored a takeover of Chipotle, the Financial Times reports, citing sources familiar with the matter
** The coffee giant hit its lowest since March
** Takeover plan status not determined, report says; Starbucks and Chipotle did not immediately respond to Reuters' requests for comment
** A potential deal would reunite Chief Executive Brian Niccol with the burrito chain he led before joining the coffee giant two years ago
     ** "For SBUX, we think investors will view this as competing for management's time and attention where there's still wood to chop on turning the Starbucks brand around, specifically on what the NA underlying comp is as the company laps low-hanging fruit through 2027 and beyond," Logan Reich, analyst at RBC Capital Markets, says
** CMG has a market capitalization of about $39 billion, while SBUX has a market value of $107 billion, according to LSEG data
** As of last close, SBUX up ~11% YTD, while CMG down 17% YTD

 (Reporting by Sanskriti Shekhar and Shania S Thomas in Bengaluru)
 ((Sanskriti.Shekhar@thomsonreuters.com))