Morgan Stanley Europe SE has filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel in connection with DCC Energy plc, the Dublin-listed energy distribution and services business currently subject to a takeover offer from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The disclosure, published on 11 November 2026, covers equity transactions executed on 10 November 2026, with Morgan Stanley Europe SE acting as a connected exempt principal trader with Recognised Intermediary Status in a client-serving capacity. The filing is a regulatory requirement under the Irish Takeover Panel Act 1997 and the Takeover Rules 2022, designed to ensure transparency of market activity during an offer period. Investors monitoring the DCC takeover process may note the trading levels disclosed within the filing.

Key Points

  • DCC Energy plc (DCC), subject to an offer from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P.
  • Morgan Stanley Europe SE filed a Rule 38.5(a) dealing disclosure covering trades in DCC ordinary shares on 10 November 2026
  • Purchases of 54 ordinary shares at 64.6583 GBP per unit; sales of 54 ordinary shares with prices ranging from 64.5500 GBP to 64.7000 GBP per unit
  • Investors should watch for further regulatory disclosures as the ECP and KKR offer for DCC Energy progresses

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

Under the Irish Takeover Rules 2022, any party connected to an offeror must disclose dealings in the target company's securities during an offer period. Morgan Stanley Europe SE, identified as connected to both Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. — the joint bidders pursuing DCC Energy plc — submitted this Form 38.5(a) on 11 November 2026 in its capacity as an exempt principal trader with Recognised Intermediary Status. The filing confirms the firm was operating in a client-serving capacity, distinguishing these transactions from proprietary trading activity. The disclosure was submitted by contact Claire Gordon, reachable at the Glasgow telephone number listed in the filing.

DCC Energy Ordinary Share Transactions Recorded on 10 November 2026

The dealing disclosure records matched purchases and sales in DCC Energy plc's 0.25 ordinary shares class. Morgan Stanley Europe SE purchased 54 ordinary shares at a price of 64.6583 GBP per unit and sold 54 ordinary shares, with the highest price received recorded at 64.7000 GBP and the lowest at 64.5500 GBP per unit. No cash-settled or stock-settled derivative transactions, options, or other dealings were reported in connection with this filing. The announcement confirms no indemnity arrangements, option agreements, or understandings relating to voting rights or future acquisitions were in place between Morgan Stanley Europe SE and any party to the offer.

Irish Takeover Panel Transparency Rules Govern ECP and KKR Bid for DCC Energy

DCC Energy plc is a major energy distribution business operating across multiple European markets, and the ongoing offer from Energy Capital Partners and KKR has placed its securities under heightened regulatory scrutiny. Rule 38.5(a) of the Irish Takeover Panel Act 1997 framework mandates that connected exempt principal traders disclose all dealings during an active offer period to a Regulatory Information Service, ensuring market participants have visibility of significant trading activity. The parallel involvement of two substantial private equity firms — ECP and KKR — as joint offerors adds complexity to the transaction structure, and ongoing disclosure obligations mean further Rule 38 filings from connected parties may follow as the offer progresses.