Goldman Sachs International submitted a Form 38.5(a) disclosure to the Irish Takeover Panel on 5 November 2026, detailing share dealings in DCC Energy Plc carried out on 4 November 2026. The filing covers purchases, sales, and contracts for difference transactions in DCC Energy's EUR 0.25 ordinary shares, conducted in Goldman Sachs International's capacity as a connected exempt principal trader with recognised intermediary status. The disclosure identifies Goldman Sachs International as adviser to the offeree, which is connected to a consortium comprising Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. Investors monitoring the ongoing bid situation around DCC Energy will find the transaction detail relevant to understanding institutional activity around the stock.

Key Points

  • GoldmanSachs International filing relates to DCC Energy Plc (DCC), an energy distribution business whose ordinary shares carry a nominal value of EUR 0.25
  • Goldman Sachs International disclosed purchases of 278,760 ordinary shares and disposals of 35,261 ordinary shares on 4 November 2026, alongside a range of CFD transactions
  • Share purchases were transacted at prices between 64.5000 GBP and 64.5750 GBP; a separate parcel of 89 shares was acquired at 77.3824 EUR
  • Investors should watch further Rule 38.5(a) disclosures as the consortium bid process around DCC Energy continues

Goldman Sachs International's Role as Adviser to the DCC Energy Offeree

The Form 38.5(a) filing confirms that Goldman Sachs International is acting as adviser to the offeree in connection with a consortium comprising Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. Under the Irish Takeover Panel Act 1997 and the Takeover Rules 2013, connected exempt principal traders dealing in a client-serving capacity must disclose their activity during an offer period. The filing was submitted by contacts Papa Lette and Andrzej Szyszka, reachable via Paris and Warsaw offices respectively, underscoring the cross-border nature of the advisory arrangement surrounding DCC Energy Plc.

Purchases and Sales of DCC Energy EUR 0.25 Ordinary Shares on 4 November 2026

The announcement states that Goldman Sachs International acquired a total of 278,760 DCC Energy ordinary shares on 4 November 2026, with the highest price paid recorded at 64.5750 GBP and the lowest at 64.5000 GBP. A smaller tranche of 89 shares was acquired at 77.3824 EUR per share. On the disposal side, 35,261 shares were sold, with prices ranging from 64.5000 GBP to 64.5750 GBP. No further breakdown of the rationale for these transactions is provided within the disclosure, which is standard for dealings reported under this regulatory framework.

CFD Activity Across Long and Short Positions in DCC Energy Shares

Alongside the outright share transactions, the filing details an extensive series of contract for difference trades referencing DCC Energy ordinary shares. These included increasing and reducing both long and short CFD positions, with individual transaction sizes ranging from 17 to 5,357 securities. Prices across these CFD dealings ranged from 64.4871 GBP to 64.5479 GBP per unit. The filing states there are no agreements, arrangements, or understandings relating to voting rights connected to these derivative positions, which the announcement explicitly records as "none".

Irish Takeover Panel Regulatory Context for DCC Energy Disclosure Obligations

DCC Energy Plc is subject to the oversight of the Irish Takeover Panel during the current offer period, requiring connected parties to file dealing disclosures promptly. Rule 38.5(a) applies specifically to exempt principal traders acting in a client-serving capacity, ensuring transparency around institutional activity that could otherwise obscure the market's view of genuine investor sentiment. The requirement to disclose dealings on a next-day basis is designed to maintain orderly and informed markets throughout the bid process. Investors following the consortium's approach to DCC Energy may treat successive filings of this nature as indicators of continued market engagement.