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
Arizona Contractor’s Plans For Lumber Mill On Hold
Plans for a lumber mill in Williams by the contractor overseeing a massive forest-thinning project in northern Arizona’s forests appear stuck on the back burner. Good Earth Power AZ was reissued a grading permit this…
U.S. Hardwood Lumber Exports Slow, World Markets Oversupplied
U.S. hardwood lumber exports totaled 116 million board feet in January—the latest month with available trade data—which was virtually unchanged from the prior month but down 14% from January 2014. Year-on-year shipments to Asia and…
Canadian Lumber Companies Boost U.S. Mill Activity As Domestic Production Wanes
Canada’s top lumber companies, struggling to make two-by-fours from trees killed by the mountain pine beetle, made less lumber at home in 2014, but made up for it by increasing production at mills they own…
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.