Starbucks has explored a takeover of Chipotle Mexican Grill, the Financial Times reported on Thursday, citing sources familiar with the matter.

Starbucks CEO Brian Niccol previously led Chipotle and is widely credited with turning the burrito chain into one of the sector’s strongest growth stories.

Starbucks and Chipotle did not immediately respond to a Reuters requests for comment. Shares of the coffee chain, which has a market capitalization of about $39 billion, were down about 3%, while Chipotle rose about 4%.

(Reporting by Neil J Kanatt in Bengaluru; Editing by Arun Koyyur)