Morning Business Report: Starbucks reportedly considers Chipotle takeover as Halloween candy prices surge

Starbucks has reportedly been working with advisers on a potential takeover proposal for Chipotle Mexican Grill, according to the Financial Times.

(LILAMAX)- Starbucks has reportedly been working with advisers on a potential takeover proposal for Chipotle Mexican Grill, according to the Financial Times.

If completed, the deal would represent the largest merger in the restaurant industry’s history.

Starbucks CEO Brian Niccol previously served as Chipotle’s chief executive, and the two restaurant chains share many customers. However, analysts have expressed skepticism about whether a merger would make financial and strategic sense.

No agreement has been announced.

Meanwhile, SpaceX is taking steps toward becoming a wireless carrier.

Elon Musk’s space company is purchasing spectrum licenses to help build a mobile network that could compete with major telecommunications companies.

Shares of Verizon, T-Mobile and AT&T declined following the news.

On Wall Street, stocks remained under pressure throughout the trading day as oil prices climbed and interest rates stayed at their highest levels in decades.

Halloween shoppers are also facing higher prices for candy this year.

A study by FinanceBuzz found the cost of filling a Halloween candy bowl has increased 71% since 2021, more than three times the national inflation rate of 22% over the same period.

Researchers pointed to rising cocoa prices in recent years as one factor contributing to the higher cost of Halloween candy.

And Spirit Christmas stores are preparing to open for the holiday season.

Spencer Spirit Holdings announced Thursday, October 8, that it plans to open 44 Spirit Christmas locations across 15 states this year.

The stores will stretch from New England to Florida and west toward the Great Lakes region.

Shoppers can check the Spirit Christmas website’s store locator for scheduled openings and locations.