DCC, one of FTSE 100’s biggest energy firms, agrees £5.75bn takeover

📰 source: theguardian_business · 💼 business

dcc, a ftse 100 energy firm, agreed a £5.75bn takeover by us private equity groups kkr and energy capital partners. the board recommended the £65.25 per share cash offer, despite opposition from founder jim flavin and major shareholders like aviva and fidelity. flavin called the price 'totally inadequate,' noting dcc's 2022 strategy aimed to double operating profits to £830m by 2030. aviva said the offer would be a 'bad outcome' for shareholders. the deal adds to a growing list of uk companies going private, including mitie, tate & lyle, and evoke. dcc shares rose 1% to £63.60.

why it matters: another uk energy firm going private highlights the london stock exchange's struggle to retain listed companies, possibly reducing market depth.

source: theguardian_business
sentiment: -0.20 · impact: 0.75