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Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The.

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Speaker 2: Stock Movers Report, your roundup of companies making moves in

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Speaker 2: the stock market, harnessing the power of Bloomberg Data.

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Speaker 3: Let's have a look at some of the stocks on

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Speaker 3: the move today here in Europe. I'm Caroline Hepkait with

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Speaker 3: Lizzie Burden, and we're joined by our reporter Chloe Malay.

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Speaker 3: Good morning, Chloe. Let's start with steel and a takeover

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Speaker 3: on the cards for a metals business, Clerkner. How is

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Speaker 3: the market digesting this.

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Speaker 1: Well, they seemed quite happy about it. So yeah, big

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Speaker 1: m and a news in that steel space this morning.

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Speaker 1: So Worthington Worthington Steel, which is a big steel producer

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Speaker 1: over in the US, is acquiring the German metals company

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Speaker 1: Klockner in a deal that's valued at about two point

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Speaker 1: four billion dollars, and that really really drove the shares

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Speaker 1: this morning. Klockner shares jumped almost thirty percent at the

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Speaker 1: open on the back of that news. M Clockner had

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Speaker 1: been trying to really boost profitability over the last year

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Speaker 1: by getting rid of some businesses that were lower margin

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Speaker 1: that we're not performing as well, and it seems that

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Speaker 1: this kind of leaner, more efficient organization was seen as

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Speaker 1: a good investment from Worthington's perspective and from an investor perspective,

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Speaker 1: as I said, it looks like they're quite keen on

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Speaker 1: the deal. With the chares moving much higher, it's an

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Speaker 1: interesting news there, you know, at the time when metals

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Speaker 1: and still in all of that are very much in

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Speaker 1: the news. Of course, we have the massive metals rally

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Speaker 1: that we've been talking about or week news of this

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Speaker 1: major glen corey a Tinto potential merger. So it's definitely

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Speaker 1: very active from an investor's perspective, from a deal's perspective,

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Speaker 1: and so we'll be we'll be keeping an eye on

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Speaker 1: developments with this deal there as well. Also some tasty

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Speaker 1: MUVEs for Close Brothers up five and a half percent

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Speaker 1: at the moment.

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Speaker 2: Are upgrade for the specialist Lander.

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Speaker 1: Yeah, no, it's impressive of a jump in the chares,

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Speaker 1: but still still quite a big rise there this morning

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Speaker 1: for Close Brothers. So RBC upgraded the company to by rating,

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Speaker 1: and that's mostly because analyst said there was more to

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Speaker 1: trim on costs and that they are quite optimistic that

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Speaker 1: the restructuring efforts at the company were progressing well. They

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Speaker 1: pointed to the fact that Close Brothers had hired a

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Speaker 1: transformation a director, which to suggests that they could go

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Speaker 1: harder and faster on the restructuring. That Close Brothers has

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Speaker 1: had a tough a couple of years, given it was

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Speaker 1: one of the most exposed names in the motor finance

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Speaker 1: probe here in the UK, which resulted in banks having

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Speaker 1: to now compensate customers who were missold carlows, and the

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Speaker 1: uncertainty around that and how much they were going to

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Speaker 1: be liable for had really weighed on the shares for

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Speaker 1: Close Brothers. But now some of the overhanger is mostly

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Speaker 1: gone and lenders of aside their provisions for that purpose,

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Speaker 1: which means that now Close Brothers can essentially focus on

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Speaker 1: becoming more efficient, on performing better and on that restructuring.

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Speaker 3: Really, okay, it's that on Close Brothers. Meanwhile, in Italy,

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Speaker 3: and there's been loads of m and A either successful

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Speaker 3: or discussed in Italy, and this time there is a

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Speaker 3: billionaire investment firm denying that it's in talks over the

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Speaker 3: sale of UniCredit stake in Monte depasci Just what does

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Speaker 3: that mean for investing?

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Speaker 1: I mean, there's a lot of layers. Yeah, I'm wrapping

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Speaker 1: my mind around it as well. So Delphin, which is

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Speaker 1: an investment firm the one you mentioned, denied that it's

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Speaker 1: in talks with UniCredit over selling its steak in Montepesci,

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Speaker 1: And there had been loads of different media reports in

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Speaker 1: the last few weeks about UniCredit and Delphin holding those

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Speaker 1: talks about that holding in Pasqui, which has just become

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Speaker 1: the third biggest bank in Italy after buying Medio Banker.

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Speaker 1: So you know, Montepesci, the CEO and then the Delphin

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Speaker 1: chairman have also come under scrutiny because prosecutors are opening

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Speaker 1: a probe into allegations that they concealed actions to take

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Speaker 1: control of Medio Banker. And then in addition to that,

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Speaker 1: we have the added complication of the fact that the

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Speaker 1: acquisition of mad Banker turned Montepasci into the largest shareholder

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Speaker 1: of the biggest insur in Italy, which is generally and

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Speaker 1: now shareholders in generally are disagreeing on how much a

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Speaker 1: Medio Banker should be integrated into Pasci because of what

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Speaker 1: that actually means fort generally. So there are a lot

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Speaker 1: of different layers there, and a lot of back and forth,

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Speaker 1: and also the denying of those talks as well, But

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Speaker 1: all of that means right now that Montepascui is done.

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Speaker 2: The Stock Movers Report from Bloomberg Radio. Check back with

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Speaker 2: us throughout the day for the latest roundup of companies

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