Chipotle shares jump after report that Starbucks has explored a takeover

Chipotle Mexican Grill's stock jumped as much as 8% on Thursday after the Financial Times reported that Starbucks has explored a deal to buy the "fast-casual" restaurant chain.

Starbucks CEO Brian Niccol was previously chief executive of Chipotle, whose stock price has dropped about 50% since he left the post in August 2024. Starbucks shares slipped about 4.4% in earlier trading on Thursday before recovering to end the day largely flat.

Neither company responded to CBS News' requests for comment on the report.

On his second day as Starbucks CEO, in September 2024, Niccol launched a marketing campaign to return to what he described as the coffeehouse's roots: a "welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."

Last month, Niccol said the company has made "tremendous progress" in delivering on the promise to improve customer service and restore human connection in its cafes.

Still, Wall Street analysts said there are no obvious synergies between the two companies, while TD Cowen analysts said they view the deal "as a low-probability outcome at this stage."

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