Morgan Stanley & Co. International plc has filed a Rule 38.5(a) dealing disclosure with the Irish Takeover Panel in relation to DCC Energy plc (DCC), confirming transactions undertaken on 12 November 2026. The disclosure was submitted on 13 November 2026 and identifies Morgan Stanley as a connected exempt principal trader with Recognised Intermediary Status, acting in a client-serving capacity. The bank's connection is to offer parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, indicating an active takeover situation involving DCC Energy plc that investors will be monitoring closely.

Key Points

  • DCC Energy plc (DCC) is the subject company; Morgan Stanley & Co. International plc filed the disclosure
  • Morgan Stanley conducted purchases, sales, and CFD transactions in DCC Energy's 0.25 ordinary shares on 12 November 2026
  • Purchases totalled 175,586 shares at prices ranging from 64.5435p to 64.6500p, with a separate purchase of 97 shares priced at 85.4248 USD
  • Investors should watch for further Rule 38 disclosures and any formal offer documentation from Energy Capital Partners and KKR

Morgan Stanley's Purchases and Sales of DCC Energy Ordinary Shares on 12 November 2026

The disclosure details outright transactions in DCC Energy plc's 0.25 ordinary shares conducted by Morgan Stanley on 12 November 2026. The firm purchased 175,586 shares with a highest price of 64.6500 GBP per unit and a lowest price of 64.5435 GBP per unit, alongside a further purchase of 97 shares at 85.4248 USD per unit. Sales of 149,103 shares were also recorded, with prices ranging from a high of 64.6510 GBP to a low of 64.5405 GBP per unit. Morgan Stanley states these dealings were conducted in a client-serving capacity, consistent with its exempt principal trader status under the Irish Takeover Panel Act, 1997 and Takeover Rules, 2022.

CFD Activity in DCC Energy Shares Reflects Complex Derivative Position Management

Beyond outright share transactions, Morgan Stanley also executed a large number of cash-settled contracts for difference referencing DCC Energy's 0.25 ordinary shares. These CFD dealings included activity increasing and reducing both long and short positions across numerous individual transactions, with prices ranging broadly around the 64.54p to 64.65p level per unit. The volume and variety of CFD activity reflects the complexity of Morgan Stanley's market-making and client-servicing obligations during the ongoing offer period, rather than a directional proprietary position. No stock-settled derivatives or options transactions were reported in the disclosure.

Energy Capital Partners and KKR Named as Connected Offer Parties in DCC Energy Takeover

The disclosure confirms that Morgan Stanley's connection is to Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, both named as parties to the offer for DCC Energy plc. The announcement states no indemnity arrangements, options, or agreements relating to voting rights or future acquisitions exist between Morgan Stanley and any offer party. DCC Energy plc is an energy distribution and services business operating across multiple markets. The Irish Takeover Panel's Rule 38.5(a) framework requires connected exempt principal traders to publicly disclose their dealings throughout an offer period to maintain market transparency.