Starbucks denied on Monday that it is considering acquiring Chipotle Mexican Grill, and if the deal goes through, it would become the largest acquisition in the food and beverage industry to date.

“Starbucks will not acquire Chipotle,” a Starbucks spokesperson told Jim Cramer of CNBC.

After the release of this denial message, the stock price of Chipotle fell by more than 2% in pre-market trading on Monday, while Starbucks' stock price rose by more than 1%.

The denial from this coffee giant came a few days after rumors circulated that two catering companies might have reached a huge deal.

On Thursday, the Financial Times reported that Starbucks has been working with consultants in recent months to prepare an acquisition bid for Chipotle. The report cited sources familiar with the matter.

As early as October, Semafor reported that Chipotle had hired consultants to deal with aggressive investors or unwanted takeover bids. This fast-casual dining chain is trying to recover from a turbulent 2025, during which its customer footfall declined. Over the past year, the stock price of Chipotle has fallen by about 20%, making it a more attractive target for acquisition.

These trading rumors once drove up the stock price of Chipotle, while Starbucks' stock price fell due to related reports.

Chipotle Investors were originally looking forward to a reunion with Brian Niccol; he previously led Chipotle and is now the CEO of Starbucks. However, Starbucks shareholders are generally concerned that this could distract attention and incur high costs at a time when the company is pushing forward with its own transformation.