BNP Paribas Reports Significant Trading in DCC Plc Shares Amid Energy Capital Partners and KKR Acquisition Bid

BNP Paribas’ Connected Exempt Principal Trader Activity in DCC Shares

BNP Paribas Financial Markets has disclosed trading in DCC Plc securities on behalf of connected parties Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The Form 38.5(a) filing submitted to the Irish Takeover Panel details both purchases and sales of DCC shares on 16 July 2026. Under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules 2022, connected exempt principal traders with recognised intermediary status must publicly report dealings conducted in a client-serving capacity when acting for parties involved in an offer.

This trading activity by BNP Paribas Financial Markets reflects market operations amid the acquisition efforts by Energy Capital Partners and KKR. As a connected exempt principal trader, BNP Paribas is authorized to trade relevant securities of both the offeror and offeree under Irish Takeover Rules, subject to disclosure requirements. This transparency ensures investors have insight into trading patterns linked to the proposed transaction. The filing confirms no disclosures were made regarding parties other than DCC Plc.

Details of DCC Share Purchases and Sales

The Form 38.5(a) filing specifies two transactions involving DCC Plc shares (ISIN IE0002424939). The purchase involved 821,666 shares acquired at prices ranging from 60.9 GBP to 62 GBP per share. Concurrently, 1,122,353 shares were sold at prices between 60.8 GBP and 62.1 GBP per share. The net effect indicates a reduction of 300,687 shares during the trading period.

The transaction prices show a narrow trading range, with purchases at the lower end and sales at the higher end of the price spectrum. The highest purchase price was 62 GBP, closely matched by the highest sale price of 62.1 GBP, while the lowest sale price of 60.8 GBP was slightly below the lowest purchase price of 60.9 GBP. This clustering suggests orderly market conditions during 16 July 2026. The total volume traded, exceeding 1.9 million shares, highlights significant liquidity handled by the exempt principal trader.

DCC Plc Under Acquisition by Energy Capital Partners and KKR

DCC Plc, listed under ISIN IE0002424939, is an Irish distribution, services, and logistics company operating across various sectors and regions. It is a key asset targeted by private investment firms Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. The disclosed takeover-related trading activity corresponds with regulatory processes governed by the Irish Takeover Panel.

DCC’s business focuses on distribution and service provision across interconnected markets, maintaining listings on Irish exchanges. The acquisition bid by Energy Capital Partners and KKR reflects strong investor confidence in DCC’s business model and market position. The substantial share volumes traded by BNP Paribas on behalf of the offeror parties demonstrate active market participation as the transaction advances through regulatory and governance steps. Market observers may monitor further disclosures to gauge transaction progress and capital deployment.

No Derivative or Option Transactions Reported

The Form 38.5(a) filing confirms BNP Paribas Financial Markets did not engage in any cash-settled or stock-settled derivative transactions, including options, during the reported period. Sections 2(b) and 2(c) of the form, which cover derivative products such as contracts for difference and options, contain no entries, indicating no derivative dealings occurred.

This absence of derivatives suggests the offeror parties’ market activity was executed solely through direct equity trades, without leveraging derivative instruments. The filing also notes no arrangements limiting economic exposure, such as stop-loss provisions, were in place during this period.

Regulatory Compliance Under Irish Takeover Panel Rules

The disclosure complies with Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules 2022, which mandates connected exempt principal traders with recognised intermediary status to report dealings on behalf of offer parties. Exempt principal traders are financial institutions meeting specified criteria and recognised by the Irish Takeover Panel, enabling certain exemptions while requiring transparency.

BNP Paribas’ filing ensures that client-serving transactions related to the takeover are publicly available via a Regulatory Information Service (RIS), supporting fair and orderly market conduct. Relevant securities include equity shares and instruments conferring voting rights or economic exposure. The form standardizes reporting of purchases, sales, derivatives, prices, and volumes.

Declarations on Indemnity and Voting Arrangements

Section 3(a) of the Form 38.5(a) requires disclosure of any indemnity or option arrangements that might influence dealing decisions. The filing explicitly states "None," indicating BNP Paribas Financial Markets has no such agreements with any party to the offer. This assures market participants that the trading was free from indemnification or protective arrangements.

Similarly, Section 3(b) requires disclosure of any agreements related to voting rights or future security transactions linked to derivatives. The filing also states "None," confirming no such arrangements existed. These declarations affirm the straightforward nature of the trading activity without embedded conditional agreements.

Filing Details and Contact Information

The Form 38.5(a) disclosure was submitted to a Regulatory Information Service on 17 July 2026, one business day after the trades on 16 July 2026, complying with Irish Takeover Rules’ prompt disclosure requirements. Enquiries about the filing can be directed to the Compliance Control Room at 0207 595 9695. This timely submission supports market transparency and accuracy.

The filing serves as the official record of BNP Paribas Financial Markets’ dealings on behalf of connected offeror parties. Should any inaccuracies arise, the Irish Takeover Panel Rules require prompt corrective disclosures with clear identification and details to maintain information integrity.

Investor Insights and Market Surveillance

Investors monitoring the proposed acquisition of DCC Plc by Energy Capital Partners and KKR can use the Form 38.5(a) disclosure to assess transaction momentum and offeror market activity. The large share volumes traded and narrow price range demonstrate active participation by the offeror group. The net reduction in holdings may reflect strategic portfolio adjustments or market-making functions by BNP Paribas.

The lack of derivative activity indicates a focus on direct equity transactions rather than complex financial strategies. Market participants should continue tracking subsequent Rule 38 disclosures to observe evolving share ownership and trading patterns. This regulatory framework ensures timely public access to material dealing information, promoting informed investment decisions and market transparency throughout the takeover process.