Starbucks Reportedly Rules Out Chipotle Acquisition Amid Merger Rumors

(RTTNews) - 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.

Last week, The Financial Times reported that Starbucks has explored a potential acquisition of the burrito chain and engaged with financial advisers in recent months to discuss about the move.

CMG was trading at $30.44, down 3.42 percent on the NYSE. Meanwhile, SBUX was trading at $91.63, up 0.67 percent on the Nasdaq.