London, July 3, 2026, 16:02 BST
- DCC was quoted at 6,110p, down 1.29%, on a delayed Davy feed; the quote was marked ex-dividend and showed a July 23 dividend pay date.
- The possible offer is 6,525p cash plus a 147.22p final dividend, and DCC’s board said it would be minded to recommend those terms if they become a firm bid.
- Aviva Investors has joined shareholder opposition to the £5.7 billion approach; Aviva plc (LON:AV) disclosed 2.15% owned/controlled and 2.19% total interests.
- FMR/FIL disclosed 15.39% interests in DCC; Fidelity International’s Alex Wright said he would not accept below £70 per share.
DCC plc (LON:DCC) traded below the clean cash leg of a possible takeover offer on Friday, a sign that the market is still pricing risk into a deal that the board has said it could support. The London Stock Exchange session runs to 16:30 BST; the quote came in late trade.
At 6,110p, DCC was 415p below the 6,525p cash component proposed by KKR & Co Inc NYSE:KKR and Energy Capital Partners. That is a 6.8% gap. The wider 6,672.22p headline package, which includes the proposed final dividend, sits 562.22p above the quote, or 9.2%. DCC is already marked ex-dividend in Davy’s data, so new money in the stock is likely to focus more on the cash leg than the dividend-inclusive number.
| Yardstick | Pence per share | Gap vs 6,110p | Implied upside |
|---|---|---|---|
| Friday delayed quote | 6,110.00 | — | — |
| Possible-offer cash leg | 6,525.00 | 415.00 | 6.8% |
| Cash plus final dividend | 6,672.22 | 562.22 | 9.2% |
| Fidelity’s reported floor | 7,000.00 | 890.00 | 14.6% |
The spread has moved out since DCC first signalled support for the revised proposal. Reuters reported that DCC shares rose to £62 after the June 10 statement; against the 6,525p cash leg, that was a 5.2% gap. Friday’s quote puts the clean cash-leg spread about 1.6 percentage points wider.
The reason is no longer just whether a formal offer lands. It is also whether large holders force a higher number. The Times reported on Friday that Aviva Investors had opposed the deal, saying the bid “significantly undervalues the business”. Aviva’s Rule 8.3 filing showed 1.84 million DCC shares owned or controlled, equal to 2.15%, plus cash-settled derivatives taking total interests to 2.19%. The Times
Fidelity is a bigger and messier data point. The Irish Times quoted Wright, portfolio manager of Fidelity special situations and special values funds, as saying he “would not accept anything below £70”. A separate FMR/FIL Form 8.3 filing on July 2 showed 13.15 million shares, or 15.39% interests, plus a 0.02% short position, and said there were no indemnity or other dealing arrangements. The filing does not itself say how securities would be voted. The Irish Times
| Holder or filing | Size shown in source | Stance or limit |
|---|---|---|
| Aviva plc / Aviva Investors | 2.15% owned or controlled; 2.19% total interests | Opposed, according to The Times |
| Fidelity International funds, cited by Irish Times | 6.9% | Wright said no acceptance below £70 |
| FMR LLC / FIL Limited Form 8.3 | 15.39% interests | Filing lists interests, not voting intent |
DCC’s own numbers give the dissent a financial base. In May, Chief Executive Donal Murphy said the group had a “high-cash-generative Energy business” and remained on track for its £830 million 2030 operating-profit ambition. DCC says that ambition is not a profit forecast. Investegate
| Continuing operations | FY2026 | FY2025 restated | Change |
|---|---|---|---|
| Revenue | £15.44 bln | £15.90 bln | -2.9% |
| Adjusted operating profit | £634.0 mln | £612.1 mln | +3.6% |
| DCC Energy adjusted operating profit | £554.2 mln | £535.5 mln | +3.5% |
| DCC Technology adjusted operating profit | £79.8 mln | £76.6 mln | +4.3% |
| Free cash flow | £689.6 mln | £588.8 mln | +17.1% |
| ROCE | 16.8% | 16.5% | +0.3 pct point |
DCC Energy supplied about 87% of continuing adjusted operating profit in FY2026. That matters for valuation because the group is trying to finish the shift into a focused energy distributor. DCC has started a sale process for DCC Technology and said it intends to reach agreement on a sale by the end of 2026; the KKR-ECP consortium supports that process.
The clock is tight. Under the extended Irish Takeover Panel deadline, the consortium must announce a firm intention to make an offer or walk away by 17:00 London time on July 8. DCC’s annual meeting, where the final dividend is due for approval, is set for July 16.
