Starbucks denies plans to buy Chipotle

Starbucks has denied plans to buy Chipotle, the US restaurant chain known for Mexican food.

The denial followed a Financial Times report last week that Starbucks had been working on a possible offer.

Starbucks and Chipotle are both major food and drink companies, and a merger would have combined their businesses.

Starbucks chief Brian Niccol previously led Chipotle and was known there for turning the business around.

At Starbucks, he is trying to address falling sales by focusing on better service and more welcoming coffee shops.

After Starbucks denied the takeover plans, its shares rose and Chipotle’s shares fell.

The companies have not announced any deal, and Starbucks says it is not buying Chipotle.