The board of FTSE 100 energy group DCC recommended a £5.75bn takeover offer from US private‑equity firm KKR and Energy Capital Partners, despite heavy criticism from major shareholders.

Under the proposal, KKR and Energy Capital Partners would pay £65.25 per share in cash, plus a final dividend of £1.47 and an extra cash payment of up to £1.25 if DCC sells its technology arm Nexora.

Aviva Investors and Fidelity International argued the bid undervalued the group’s long‑term prospects, but the board highlighted a 36% premium over the three‑month VWAP and argued the deal offers cash certainty and value not achieved in the public market.

DCC operates off‑grid energy solutions, service stations and fleet services mainly in Europe and the US, and had set a 2030 profit target of £830m. The board said delivering that ambition would need organic growth and strategic M&A, and that the offer represents an attractive premium for shareholders.

The approval comes amid a series of high‑profile takeovers and a decline in IPO activity, making the deal a notable event for the London market.