DCC shares soar as confirms bid approach from Energy Capital/KKR

(Alliance News) - DCC PLC on Wednesday said it is evaluating a bid approach from US investment firms Energy Capital Partners LLC and Kohlberg Kravis Roberts & Co LP.

The Dublin-based provider of sales, marketing and distribution services to the energy sector was responding to speculation relating to a possible offer for the firm.

The FTSE 100 firm confirmed it has on Wednesday received an indicative cash proposal from New Jersey-based Energy Capital Partners and New York-based KKR and is "evaluating" the approach together with its advisers.

Shares in DCC shot up 14% to 6,145.00 pence each in London on Wednesday for a market value of GBP5.25 billion.

DCC urged shareholders to "take no action at this time", noting there "can be no certainty that any firm offer will be made."

Under UK takeover rules, the consortium has until close of business on June 10 to firm up a proposal or walk away.

By Jeremy Cutler, Alliance News reporter

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