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