India, Oct. 12 -- Monday, Starbucks Corp. (SBUX) confirmed that it is not planning to acquire Chipotle Mexican Grill, Inc. (CMG), putting an end to rumors about a potential merger between the companies.
"As a matter of policy, we don't comment on rumors and speculation, ?but we want to be clear we are not buying Chipotle," a Starbucks spokesperson said, Reuters reports.
The coffee giant added that it is currently focused on the 'Back to Starbucks' strategy, planning to work on its long-term growth prospects.
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Last week, The Financial Times reported that Starbucks has explored a potential acquisition of the burrito chain and engaged with financial adviser...