Goldman Sachs International filed a Form 38.5(a) disclosure with the Irish Takeover Panel on 4 November 2026, revealing dealings in DCC Energy Plc EUR 0.25 ordinary shares conducted on 3 November 2026. The disclosure covers both outright share transactions and an extensive series of contract-for-difference (CFD) positions, executed in Goldman Sachs International's capacity as a connected exempt principal trader with recognised intermediary status. The filing is connected to a consortium bid for DCC Energy Plc by Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P., with Goldman Sachs International acting as adviser to the offeree. Investors following the DCC Energy Plc situation may note the breadth and direction of the derivative activity disclosed.

Key Points

  • Goldman Sachs International acting as adviser to DCC Energy Plc (DCC) in relation to a consortium takeover approach
  • Goldman Sachs acquired 61,879 DCC Energy Plc ordinary shares and disposed of 16,333 shares on 3 November 2026
  • Share purchases ranged from 64.45 GBP to 64.5625 GBP; disposals ranged from 64.45 GBP to 64.55 GBP per share
  • Investors should watch for further Rule 38.5 disclosures and any formal offer documentation from the Energy Capital Partners and KKR consortium

Goldman Sachs International's Share Purchases and Disposals in DCC Energy Plc on 3 November 2026

The disclosure confirms that Goldman Sachs International acquired a total of 61,879 DCC Energy Plc EUR 0.25 ordinary shares on 3 November 2026, with the highest price paid reaching 64.5625 GBP per share and the lowest price paid standing at 64.45 GBP per share. Separately, 16,333 shares were disposed of, with the highest price received at 64.55 GBP and the lowest at 64.45 GBP per share. These transactions were carried out in a client-serving capacity as a connected exempt principal trader, a regulatory classification that distinguishes such activity from proprietary directional investment by Goldman Sachs International itself.

Extensive CFD Activity Including Short Position Increases and Long Position Openings in DCC Energy

Beyond the outright share dealings, the announcement details a significant volume of CFD transactions referencing DCC Energy Plc ordinary shares. Activity included reducing and closing existing short positions, opening and increasing long positions, and also increasing short positions across numerous individual CFD transactions. Notable among these were CFD entries to increase short positions covering 27,938 and 13,969 securities respectively, both at 64.55 GBP per unit, as well as the opening of a long CFD position covering 1,729 securities at 64.534 GBP. The announcement states that no agreements, arrangements or understandings relating to voting rights or derivatives exist beyond those disclosed.

Energy Capital Partners and KKR Consortium Bid Places DCC Energy Under Irish Takeover Panel Oversight

The filing identifies Goldman Sachs International as adviser to the offeree — DCC Energy Plc — in relation to a consortium comprising Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. This consortium approach triggers mandatory disclosure obligations under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013, requiring connected exempt principal traders to report all relevant dealings. Contact persons named in the disclosure are Papa Lette and Andrzej Szyszka, reachable via Paris and Warsaw offices respectively, reflecting the cross-border nature of the advisory arrangement surrounding DCC Energy Plc.