London, June 10, 2026, 11:08 BST
- DCC gained about 3% in London trading, with investors watching for KKR and Energy Capital Partners to decide on a firm bid by 5 p.m. London time.
- The consortium is talking about a new bid near 6,500p a share, according to a market report. That would top the 5,800p proposal DCC turned down in April.
- Berenberg raised its price target on DCC to 6,700p and maintained its buy rating, pointing to the company’s transition to a pure-play energy business.
DCC Plc shares moved higher on Wednesday after fresh takeover rumors put the stock in focus. KKR and Energy Capital Partners are up against a deadline, with just hours to decide on making a firm bid or dropping plans. A report pointed to talks about a possible 6,500p a share offer. DCC was trading at 6,180p at 11:06 a.m. in London, up 180p, or 3.0%, and has ranged between 5,985p and 6,240p in the session, based on delayed data from Davy.
The story here isn’t a routine earnings release. It’s the numbers behind the bid. The reported 6,500p figure comes in at around 12% over the 5,800p per share cash offer DCC turned down back in April, and still sits 5% higher than the share price by late morning. That’s important for traders, since it lets them bet on a bigger bid without pricing in a done deal.
KKR and Energy Capital Partners are in advanced talks over a raised bid worth more than £5 billion, Sharecast reported at 10:30 a.m., citing Sky News. According to Sharecast, discussions have focused on a possible offer close to 6,500p per share, but it said the exact figure for this latest offer isn’t confirmed.
Uncertainty is keeping the stock from hitting the reported bid. DCC’s board turned down the 5,800p offer, saying it did not value the group or its future highly enough. Under Irish Takeover Rules, the bidder must make a firm offer or walk away by 5 p.m. London time on June 10 unless regulators let them extend.
DCC shares ended Monday at £59.75, The Irish Times said on Tuesday, after reaching £63.45 last month. The report noted this looked like investors were betting ECP and KKR would raise their bid ahead of the deadline.
Berenberg lifted its target price on DCC to 6,700p from 6,300p and kept a buy rating, according to Sharecast via Lloyds. The broker said DCC’s move to a focused energy business and its fiscal 2026 results proved the group was resilient through big changes.
DCC’s latest numbers put some real data on the table for bidders and shareholders. For the year to March 31, 2026, the company posted a 3.6% gain in adjusted continuing operating profit, reaching £634.0 million. Adjusted continuing earnings per share rose 9.9%. Free cash flow conversion landed at 108%, and return on capital employed was 16.8%. Free cash flow conversion shows how much profit ends up as cash. Return on capital employed shows profit as a share of funds used in the business.
DCC wants to be more straightforward for the market to value. In May, the company said it had simplified operations and returned capital to shareholders. It also plans to ask investors to approve a name change to DCC Energy plc at its annual general meeting on July 16.
Deal talk around DCC is picking up, with the private-equity approach putting the spotlight on the group. AJ Bell investment director Russ Mould said in April that DCC was the fourth FTSE 100 company this year to be targeted with a bid, after Beazley, Schroders and Intertek. Mould said it shows foreign and local buyers still see value in companies trading on the UK market.
Takeover risk hangs over DCC. The company flagged in April that no firm offer may show up, with the approach from KKR and Energy Capital Partners only an early, conditional bid. If those bidders step back or a new offer misses what investors are hoping for, shares could lose the premium picked up on Wednesday.
DCC shares are behaving as if there’s a clock ticking. The next trigger is set for 5 p.m. London time, when the company could get a formal offer, another deadline extension, or just see the approach drop.
