Starbucks Says It Is Not Buying Chipotle, Ending Takeover Speculation

India, Oct. 12 -- Starbucks (SBUX) said Monday it is not acquiring Chipotle Mexican Grill, putting an end to speculation about a potential transaction that could have ranked among the largest restaurant deals ever.

"We want to be clear we are not buying Chipotle," a Starbucks spokesperson said. The statement followed a Financial Times report last week that Starbucks had worked with advisers on a possible acquisition proposal.

Chipotle shares fell about 4 percent following Starbucks' denial, while Starbucks gained about 1 percent. Earlier takeover speculation had pushed Chipotle up more than 7 percent and Starbucks down roughly 3 percent.

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