Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's have a look at some of the stocks on
Speaker 3: the move today here in Europe. I'm Caroline Hepkait with
Speaker 3: Lizzie Burden, and we're joined by our reporter Chloe Malay.
Speaker 3: Good morning, Chloe. Let's start with steel and a takeover
Speaker 3: on the cards for a metals business, Clerkner. How is
Speaker 3: the market digesting this.
Speaker 1: Well, they seemed quite happy about it. So yeah, big
Speaker 1: m and a news in that steel space this morning.
Speaker 1: So Worthington Worthington Steel, which is a big steel producer
Speaker 1: over in the US, is acquiring the German metals company
Speaker 1: Klockner in a deal that's valued at about two point
Speaker 1: four billion dollars, and that really really drove the shares
Speaker 1: this morning. Klockner shares jumped almost thirty percent at the
Speaker 1: open on the back of that news. M Clockner had
Speaker 1: been trying to really boost profitability over the last year
Speaker 1: by getting rid of some businesses that were lower margin
Speaker 1: that we're not performing as well, and it seems that
Speaker 1: this kind of leaner, more efficient organization was seen as
Speaker 1: a good investment from Worthington's perspective and from an investor perspective,
Speaker 1: as I said, it looks like they're quite keen on
Speaker 1: the deal. With the chares moving much higher, it's an
Speaker 1: interesting news there, you know, at the time when metals
Speaker 1: and still in all of that are very much in
Speaker 1: the news. Of course, we have the massive metals rally
Speaker 1: that we've been talking about or week news of this
Speaker 1: major glen corey a Tinto potential merger. So it's definitely
Speaker 1: very active from an investor's perspective, from a deal's perspective,
Speaker 1: and so we'll be we'll be keeping an eye on
Speaker 1: developments with this deal there as well. Also some tasty
Speaker 1: MUVEs for Close Brothers up five and a half percent
Speaker 1: at the moment.
Speaker 2: Are upgrade for the specialist Lander.
Speaker 1: Yeah, no, it's impressive of a jump in the chares,
Speaker 1: but still still quite a big rise there this morning
Speaker 1: for Close Brothers. So RBC upgraded the company to by rating,
Speaker 1: and that's mostly because analyst said there was more to
Speaker 1: trim on costs and that they are quite optimistic that
Speaker 1: the restructuring efforts at the company were progressing well. They
Speaker 1: pointed to the fact that Close Brothers had hired a
Speaker 1: transformation a director, which to suggests that they could go
Speaker 1: harder and faster on the restructuring. That Close Brothers has
Speaker 1: had a tough a couple of years, given it was
Speaker 1: one of the most exposed names in the motor finance
Speaker 1: probe here in the UK, which resulted in banks having
Speaker 1: to now compensate customers who were missold carlows, and the
Speaker 1: uncertainty around that and how much they were going to
Speaker 1: be liable for had really weighed on the shares for
Speaker 1: Close Brothers. But now some of the overhanger is mostly
Speaker 1: gone and lenders of aside their provisions for that purpose,
Speaker 1: which means that now Close Brothers can essentially focus on
Speaker 1: becoming more efficient, on performing better and on that restructuring.
Speaker 3: Really, okay, it's that on Close Brothers. Meanwhile, in Italy,
Speaker 3: and there's been loads of m and A either successful
Speaker 3: or discussed in Italy, and this time there is a
Speaker 3: billionaire investment firm denying that it's in talks over the
Speaker 3: sale of UniCredit stake in Monte depasci Just what does
Speaker 3: that mean for investing?
Speaker 1: I mean, there's a lot of layers. Yeah, I'm wrapping
Speaker 1: my mind around it as well. So Delphin, which is
Speaker 1: an investment firm the one you mentioned, denied that it's
Speaker 1: in talks with UniCredit over selling its steak in Montepesci,
Speaker 1: And there had been loads of different media reports in
Speaker 1: the last few weeks about UniCredit and Delphin holding those
Speaker 1: talks about that holding in Pasqui, which has just become
Speaker 1: the third biggest bank in Italy after buying Medio Banker.
Speaker 1: So you know, Montepesci, the CEO and then the Delphin
Speaker 1: chairman have also come under scrutiny because prosecutors are opening
Speaker 1: a probe into allegations that they concealed actions to take
Speaker 1: control of Medio Banker. And then in addition to that,
Speaker 1: we have the added complication of the fact that the
Speaker 1: acquisition of mad Banker turned Montepasci into the largest shareholder
Speaker 1: of the biggest insur in Italy, which is generally and
Speaker 1: now shareholders in generally are disagreeing on how much a
Speaker 1: Medio Banker should be integrated into Pasci because of what
Speaker 1: that actually means fort generally. So there are a lot
Speaker 1: of different layers there, and a lot of back and forth,
Speaker 1: and also the denying of those talks as well, But
Speaker 1: all of that means right now that Montepascui is done.
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