Starbucks says it’s focused on turnaround after report it explored Chipotle merger

Wall Street was buzzing Thursday about a possible merger that would amount to much more than a hill of beans. Starbucks said it was focused on its turnaround plan, following a report in the Financial Times saying the coffee house chain explored a potential deal to take over Chipotle Mexican Grill. “Our team is laser-focused on executing our Back to Starbucks strategy,” Starbucks said in a statement. “We have strong momentum and confidence in our long-term growth potential.” The company added that it typically doesn’t comment on what it described as “rumors and speculation” and that it looks forward to sharing its next earnings results later in October.

Starbucks’ comment came after the FT reported that Starbucks had hired advisers in recent months to work on a takeover proposal for Chipotle. NBC News has not confirmed the report. A tie-up between the two companies would mean a massive shakeup in the restaurant industry, which is grappling with consumers changing their spending and eating habits. Before the report emerged, sending shares of Chipotle higher by 6.2%, the company had a total market value of about $39 billion. For comparison, Starbucks’ market value stands at more than $105 billion. Chipotle did not return a request for comment on Thursday afternoon. A deal between the two companies would also reunite CEO Brian Niccol