Morgan Stanley & Co. LLC has filed a dealing disclosure with the Irish Takeover Panel regarding DCC Energy plc (DCC) ordinary shares traded on 4 November 2026, in its capacity as a connected exempt principal trader with Recognised Intermediary Status. The filing, submitted under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules 2022, relates to an ongoing offer situation in which Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. are named as the parties to the offer with which Morgan Stanley is connected. The disclosure confirms matched purchases and sales of DCC Energy plc ordinary shares, underlining continued regulatory scrutiny of trading activity during the live offer period.

Key Points

  • Morgan Stanley & Co. LLC filing relates to DCC Energy plc (DCC) ordinary shares
  • 5,562 ordinary shares purchased and 5,562 ordinary shares sold on 4 November 2026 in a client-serving capacity
  • Purchases executed at 64.5000 GBP per share; sales executed at 64.4998 GBP per share
  • Investors should watch for further Rule 38.5(a) disclosures as the offer process involving Energy Capital Partners and KKR progresses

Morgan Stanley Acts as Connected Exempt Principal Trader for DCC Energy plc Offer Involving Energy Capital Partners and KKR

The disclosure identifies Morgan Stanley & Co. LLC as a connected exempt principal trader operating in a client-serving capacity, with its connection running to Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. — the parties to the offer concerning DCC Energy plc. DCC Energy plc is an energy distribution and services business operating across multiple European markets. Under Irish Takeover Panel rules, any connected exempt principal trader that deals in the relevant securities of an offeree or offeror during an offer period must disclose those transactions promptly to maintain transparency across all market participants and to protect the integrity of the offer process.

5,562 DCC Energy plc Ordinary Shares Traded at 64.50 GBP on 4 November 2026

According to the Form 38.5(a) filing, Morgan Stanley purchased 5,562 ordinary shares of 0.25 nominal value in DCC Energy plc at a price of 64.5000 GBP per share, while simultaneously selling 5,562 shares at 64.4998 GBP per share on the same date. The near-identical volumes and near-matching prices on both sides of the transaction are consistent with client-serving market-making activity rather than a proprietary directional position. No cash-settled derivative transactions, stock-settled derivatives, or other dealing arrangements were reported in this disclosure. Morgan Stanley confirmed no indemnity, option, or other dealing arrangements with any party to the offer.

No Derivative Activity or Special Arrangements Declared in the 5 November 2026 Filing

Sections covering cash-settled derivatives, stock-settled derivatives including options, and other dealings were each returned as not applicable within the filing. Morgan Stanley additionally confirmed the absence of any indemnity or dealing arrangements that might constitute an inducement to deal or refrain from dealing, and confirmed no agreements or understandings relating to voting rights on any relevant securities. The disclosure was submitted on 5 November 2026, with Claire Gordon listed as the named contact and a Glasgow-based telephone number provided for regulatory enquiries, as required under Irish Takeover Panel public disclosure obligations.