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
Idaho Forest Group Acquires Tricon Timber Sawmill
One of the nation’s largest lumber producers based in Coeur d’Alene is acquiring Tricon Timber’s stud mill in St. Regis. The Idaho Forest Group, a family owned wood products company, announced the acquisition. The transaction…
Oregon Lumber Industry Concerned About New Emission Rules
Oregon’s Department of Environmental Quality has been working for the past year on a set of rules, known as Cleaner Air Oregon, aimed at regulating emissions produced by industrial facilities. The new regulations have been…
Canadian Firms May Build New Sawmills In U.S. South
From: Timber Processing Editors Two Canadian-based companies, both in recent years having purchased and now operating multiple sawmills in the U.S. South, are considering building greenfield sawmills in the South. Interfor reports it has completed…
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.