Starbucks is not acquiring Chipotle Mexican Grill, the coffee chain said, pushing back against a report that it explored a potential takeover of the fast-casual restaurant company in recent months.

“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 told NBC News in an email.

The spokesperson added that Starbucks remains “laser focused” on its Back to Starbucks turnaround strategy. The company is expected to report its latest financial results later this month.

The denial follows a Financial Times report published Thursday that Starbucks had worked with advisers on a possible acquisition proposal. The report, citing people familiar with the matter, did not establish whether Starbucks submitted a formal offer to Chipotle.

News of the potential deal sent Chipotle shares up approximately 7%, while Starbucks stock declined. Chipotle's market value stands at roughly $39 billion, making a takeover potentially the largest acquisition in restaurant industry history.

The two companies share a connection through Starbucks CEO Brian Niccol, who led Chipotle from 2018 to 2024 before taking over the coffee chain. Niccol is credited with helping drive Chipotle's growth during his tenure, although the restaurant company's stock has struggled this year, falling approximately 45% through Wednesday.

At Starbucks, Niccol has been working to reverse the chain's recent struggles by improving staffing, reducing wait times, and restoring the traditional coffeehouse experience. His turnaround strategy includes more comfortable seating and simpler store operations.

Analysts have questioned whether combining the two restaurant brands would make strategic sense. RBC analyst Logan Reich wrote in a note that the rationale for a deal “isn't apparent to us given limited overlap between the businesses.”

Financing would also present a significant challenge. Analysts have noted that an acquisition of Chipotle's size could require Starbucks to take on substantial debt or issue additional shares, potentially putting pressure on its balance sheet and existing shareholders.

Supporters of a potential combination could point to opportunities for Chipotle to expand internationally. The company operates approximately 4,000 restaurants in the United States and 100 international locations, compared with roughly 41,000 Starbucks stores worldwide.

However, Starbucks' public denial leaves no confirmed acquisition in progress. Chipotle had not immediately responded to a request for comment on Starbucks' statement.