Chipotle Jumps After Report That Starbucks Has Explored Takeover

(Bloomberg) -- Chipotle Mexican Grill Inc. ( CMG ) shares jumped after the Financial Times reported that Starbucks Corp. has worked with advisers in recent months on a takeover proposal for the burrito chain.

The status of the takeover plans couldn't be immediately learned and a mega deal of this size might never get off the ground, the Times said, citing people familiar with the matter. Brian Niccol, Starbucks' chief executive officer since 2024, previously was the top executive at Chipotle.

Shares of Chipotle surged as much as 8.6% in New York trading on Thursday. Starbucks declined as much as 6.7%, the most intraday in more than a year.