Goldman Sachs International submitted a Form 38.5(a) disclosure to the Irish Takeover Panel on 13 November 2026, detailing its dealings in DCC Energy Plc EUR 0.25 ordinary shares and contracts for difference (CFDs) conducted on 12 November 2026. The disclosure arises in the context of a consortium takeover bid for DCC Energy Plc, with Goldman Sachs acting as adviser to the offeree. The bank traded as a connected exempt principal trader with recognised intermediary status, operating in a client-serving capacity under the Irish Takeover Panel Act, 1997 and Takeover Rules, 2013. Investors monitoring the ongoing consortium approach may find these trading patterns of particular interest.

Key Points

  • Goldman Sachs International (DCC Energy Plc / DCC)
  • Goldman Sachs disclosed purchases, disposals, and multiple CFD transactions in DCC Energy Plc ordinary shares on 12 November 2026 under Irish Takeover Panel rules
  • 43,161 shares acquired at prices between 64.55p and 64.65p; 378,839 shares disposed of at prices between 64.5435p and 64.65p
  • Investors should watch for further Rule 38.5(a) filings as the Energy Capital Partners and KKR consortium bid progresses

Goldman Sachs Acts as Adviser to DCC Energy Plc Offeree Amid Energy Capital Partners and KKR Consortium Approach

The disclosure confirms Goldman Sachs International is connected to the offeree in the ongoing consortium takeover approach for DCC Energy Plc, a company whose ordinary shares carry a nominal value of EUR 0.25. The consortium comprising Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. is identified as the offeror group. Goldman Sachs's role as adviser to the offeree triggers mandatory dealing disclosures under Irish Takeover Panel rules, requiring transparency over any transactions undertaken in a client-serving capacity during the offer period. The announcement states no agreements, arrangements, or understandings exist relating to voting rights or future acquisition of relevant securities.

Share Purchases and Disposals in DCC Energy Plc Ordinary Shares on 12 November 2026

On 12 November 2026, Goldman Sachs International acquired 43,161 DCC Energy Plc EUR 0.25 ordinary shares, with prices ranging from a low of 64.55p to a high of 64.65p per share. During the same session, the bank disposed of 378,839 shares, with prices received ranging between 64.5435p and 64.65p. The disclosure does not attribute these transactions to any proprietary position, noting instead that dealings were conducted in a client-serving capacity consistent with Goldman Sachs's recognised intermediary status. The company did not disclose the aggregate consideration values for these transactions in the announcement.

Extensive CFD Activity and a Basket Swap Referencing DCC Energy Plc Recorded on the Same Date

Alongside the share transactions, Goldman Sachs executed a substantial number of CFD trades on 12 November 2026, encompassing positions that increased, reduced, opened, and closed both long and short exposures in DCC Energy Plc securities, with individual CFD unit prices clustered between 64.5371p and 64.65p. Additionally, a swap transaction opening a long position in 167,330 securities was recorded at 64.65p per unit. The announcement notes explicitly that this swap product forms part of a basket of securities of which DCC Energy Plc is a component, meaning the swap exposure is not solely referenced to DCC Energy Plc alone.

Irish Takeover Panel Form 38.5(a) Obligations Govern Goldman Sachs Disclosure Timing and Scope

The filing was made pursuant to Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013, which requires connected exempt principal traders operating with recognised intermediary status to disclose all relevant dealings during an offer period. Contact persons named in the disclosure are Papa Lette and Andrzej Szyszka, reachable via Paris and Warsaw offices respectively. Such filings are a routine but legally significant feature of Irish takeover regulation, designed to ensure market transparency when financial intermediaries connected to offer participants transact in target company securities.