Starbucks denies plan to buy Chipotle after report of possible takeover

Starbucks shot down reports that the coffee giant was considering acquiring restaurant chain Chipotle Mexican Grill.

A spokesperson for Starbucks said it is not buying Chipotle, which has a market worth of $47 billion, saying that the company is focused on its strategic plan to boost growth.

"Our team is laser-focused on executing our Back to Starbucks strategy. We have strong momentum and confidence in our long-term growth potential. We look forward to sharing our Q4 results, including FY27 guidance, later this month," a Starbucks spokesperson said in a statement to CBS News.