Morgan Stanley & Co. International plc has filed an amended Form 38.5(a) dealing disclosure with the Irish Takeover Panel, confirming transactions in DCC Energy plc ordinary shares and contracts for difference (CFDs) undertaken on 10 November 2026. The disclosure was published on 12 November 2026 and identifies Morgan Stanley as a connected exempt principal trader with Recognised Intermediary Status, acting in a client-serving capacity. The firm is connected to the offeror side of the transaction, specifically Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, making the disclosure a regulated requirement under Rule 38.5(a) of the Irish Takeover Rules 2022. Investors following the DCC Energy takeover situation may wish to note the scale and nature of these dealings.

Key Points

  • DCC Energy plc (DCC) is the offeree company; Morgan Stanley & Co. International plc is the disclosing exempt principal trader
  • Morgan Stanley purchased 81,054 DCC Energy ordinary shares and sold 110,370 shares on 10 November 2026, with prices ranging from 64.4950 GBP to 64.7065 GBP per share
  • Extensive CFD activity was disclosed, including transactions increasing and reducing both long and short positions across numerous trades in DCC Energy's 0.25 ordinary shares
  • Investors should watch for further Rule 38 disclosures as the offer involving Energy Capital Partners and KKR progresses under Irish Takeover Panel oversight

Morgan Stanley's Purchases and Sales of DCC Energy Shares on 10 November 2026

Acting in a client-serving capacity, Morgan Stanley purchased a total of 81,054 DCC Energy plc ordinary shares of 0.25 nominal value on 10 November 2026, at prices between 64.5000 GBP and 64.7000 GBP per unit. The firm simultaneously sold 110,370 ordinary shares, with prices ranging from 64.4950 GBP to 64.7065 GBP per unit. The disclosure does not indicate that these dealings reflect a proprietary directional position; rather, they are reported in Morgan Stanley's capacity as an exempt principal trader serving clients during the offer period, as required under the Irish Takeover Panel Act 1997 and the Takeover Rules 2022.

Extensive CFD Activity in DCC Energy Ordinary Shares Disclosed Across Multiple Transactions

Beyond direct share dealings, the announcement details a substantial volume of cash-settled CFD transactions referencing DCC Energy's 0.25 ordinary shares. These include multiple instances of increasing and reducing both long and short positions, with individual transaction sizes ranging from single-digit reference securities to over 35,000. CFD prices across these transactions were concentrated in a narrow band between approximately 64.5000 GBP and 64.6370 GBP per unit. No stock-settled derivative transactions, options exercises, or other dealings were disclosed. Morgan Stanley confirmed there are no indemnity arrangements or agreements relating to voting rights connected to these derivative positions.

Energy Capital Partners and KKR Named as Connected Offeror Parties in Irish Takeover Panel Filing

The disclosure identifies Morgan Stanley as connected to Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P — the offeror parties in the transaction involving DCC Energy plc. This connection triggers the mandatory dealing disclosure obligations under Rule 38.5(a) of the Irish Takeover Rules 2022 for the duration of the offer period. The amended form, referenced as Amendment 2(a) and 2(b), was submitted by contact Claire Gordon and published via a Regulatory Information Service on 12 November 2026, replacing an earlier version of the disclosure.