Morgan Stanley Europe SE has filed a formal dealing disclosure under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, relating to DCC Energy plc, as the energy distribution business is subject to a takeover approach involving Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The disclosure, published on 4 November 2026 and covering dealings undertaken on 3 November 2026, confirms that Morgan Stanley Europe SE acted as a connected exempt principal trader with Recognised Intermediary Status, dealing in a client-serving capacity. The filing is a regulatory requirement under Irish Takeover Rules 2022 and signals continued market activity in DCC Energy securities during the live offer period. Investors monitoring the DCC Energy situation will note the structured nature of the disclosed transactions.

Key Points

  • DCC Energy plc (DCC) — dealing disclosure filed by connected exempt principal trader Morgan Stanley Europe SE
  • Morgan Stanley Europe SE purchased and sold 6,587 ordinary shares of DCC Energy plc on 3 November 2026, acting in a client-serving capacity
  • Transactions in 0.25 ordinary shares ranged between 64.50 GBP and 64.55 GBP per unit on both the purchase and sale sides
  • Investors should watch for further Rule 38.5 disclosures as the Energy Capital Partners and KKR offer process continues

Morgan Stanley Europe SE Acts as Connected Exempt Principal Trader in DCC Energy Shares

Morgan Stanley Europe SE filed the disclosure in its capacity as a connected exempt principal trader, with its connection to the offer arising through Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P, the named offerors in relation to DCC Energy plc. The firm confirmed it holds Recognised Intermediary Status and conducted the disclosed dealings in a client-serving capacity rather than on a proprietary basis. The announcement states that no indemnity arrangements, options, or agreements relating to relevant securities or voting rights were in place between Morgan Stanley Europe SE and any party to the offer, with the disclosure recording "none" against both relevant sections.

6,587 DCC Energy Ordinary Shares Traded at Prices Between 64.50 GBP and 64.55 GBP

The disclosure details matched purchases and sales of 6,587 DCC Energy plc ordinary shares of 0.25 nominal value, with both sides of the transaction occurring on 3 November 2026. The highest price per unit recorded was 64.55 GBP and the lowest was 64.50 GBP on both the purchase and sale sides, suggesting the dealings were conducted within a narrow intraday price range. No cash-settled or stock-settled derivative transactions were reported, and no other dealings such as subscriptions or conversions were disclosed, with all relevant derivative and option sections returning not applicable.

Energy Capital Partners and KKR Named as Offerors in Irish Takeover Panel Process for DCC Energy

The filing formally identifies Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P as the parties to the offer in connection with DCC Energy plc, confirming that the company is subject to a live takeover process regulated under the Irish Takeover Panel Act, 1997 and the Takeover Rules, 2022. DCC Energy plc operates within the energy distribution sector, and the involvement of two significant private equity and infrastructure-focused acquirers underlines the strategic value attributed to the business. The offer is structured as a cash offer, as indicated by the N/A designation in the relevant section of the disclosure form.