Barclays PLC (BARC) has filed a Form 38.5(b) opening position and dealing disclosure with the Irish Takeover Panel, revealing that its subsidiary Barclays Capital Securities Ltd held a total interest of 2.90% in DCC Energy Plc as of 9 November 2026. The disclosure was made in connection with a takeover offer involving Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. as the connected offeror parties. The filing, published on 10 November 2026 under the Irish Takeover Panel Act 1997 and Takeover Rules 2022, details both outright holdings and derivative positions across DCC Energy's €0.25 ordinary shares. Investors monitoring the DCC Energy takeover process may note the scale and complexity of Barclays Capital Securities' disclosed position.

Key Points

  • Barclays PLC (BARC), via subsidiary Barclays Capital Securities Ltd, filed a Form 38.5(b) with the Irish Takeover Panel
  • Barclays Capital Securities disclosed a total interest of 2.90% and total short positions of 2.69% in DCC Energy Plc's €0.25 ordinary shares as at 9 November 2026
  • The exempt principal trader is connected to offeror parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P.
  • Investors should watch for further regulatory disclosures as the DCC Energy takeover process progresses

Barclays Capital Securities Holds 2.90% in DCC Energy Plc as Connected Exempt Principal Trader

According to the disclosure, Barclays Capital Securities Ltd, acting as a connected exempt principal trader without recognised intermediary status, held 2,457,064 DCC Energy ordinary shares outright, representing 2.88% of the relevant class. Cash-settled derivatives added a further 21,282 securities on the interest side, bringing the aggregate interest to 2,478,346 shares, or 2.90%. On the short side, the firm reported 22,623 securities held short outright and 2,275,839 through cash-settled derivatives, producing total short positions of 2,298,462 shares, equal to 2.69% of the class. The announcement states no stock-settled derivatives or options were outstanding.

DCC Energy Share Dealings on 9 November 2026 Span Purchases, Sales and Multiple Swap Transactions

The filing details outright equity dealings undertaken on 9 November 2026 in DCC Energy's €0.25 ordinary shares. Barclays Capital Securities purchased 110,983 shares at prices ranging from 64.5000p to 64.6045p per unit and sold 46,563 shares at prices between 64.5000p and 64.6000p. In addition, the firm executed an extensive series of cash-settled derivative transactions, including swaps and contracts for difference, with both increasing and decreasing short positions across numerous individual transactions. The announcement states there were no indemnity arrangements, option agreements, or understandings relating to voting rights or future acquisition connected to any party to the offer.

Energy Capital Partners and KKR Named as Offeror Parties Connected to Barclays in DCC Energy Bid

The Form 38.5(b) identifies Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. as the parties to the offer with which Barclays Capital Securities is connected. DCC Energy Plc, the offeree company, is a subsidiary of DCC plc and operates within the energy distribution sector. The disclosure was filed under the regulatory framework of the Irish Takeover Panel Act 1997 and the Takeover Rules 2022, which require connected exempt principal traders to disclose interests and dealings during an offer period. Barclays confirmed it was not making disclosures in respect of any other party to the offer beyond DCC Energy Plc.