Seattle-based Starbucks could be exploring a takeover of Newport Beach-based Chipotle Mexican Grill, the Financial Times reported on Oct. 8.
The potential deal would create a combined company with almost $50 billion in sales Chipotle’s footprint of more than 4,200 restaurants would join the coffee chain’s portfolio of about 41,000 stores
Brian Niccol is currently leading Starbucks as CEO, following six years in the top role of the fast-food burrito chain.
Chipotle’s shares have fallen about 35% since Niccol’s departure was announced on Aug. 13, 2024. The company (NYSE: CMG) was up about 6% to $32.60 per share during midday trading with a $42 billion market cap.
Both chains did not immediately return a request for comment on the report.
See the Oct. 12 issue of the Business Journal for more.
