Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”
The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.
RELATED ARTICLES
Satellite Pellet Mills Will Count On Sawmill Byproducts
Drax Purchase Alters Biomass Landscape
Latest News
Chemicals Business Rebrands As Arxada
LSI, a global specialty chemicals business with leading positions in Microbial Control Solutions (MCS) and Specialty Products Solutions (SPS) has rebranded as Arxada. The new name follows the company’s launch as an independent business in July after the completion of the sale of Lonza Specialty Ingredients from…
Housing Starts Show Modest Decline In September
U.S. housing starts dipped slightly in September to a seasonally adjusted rate of 1.555 million, down 1.6% from August, but 7.4% above September 2020, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly…
Mellott Manufacturing Log Flare Butt Reducer
By customer request Mellott Manufacturing Co., Inc. is now offering the model 70E log flare butt reducer—designed and built with the same rugged quality as the LMR debarkers and all the Mellott product lines. Adding a log flare butt reducer to a mill infeed system will vastly reduce log handling problems…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.