Pinnacle Renewable Energy To Be Acquired By Drax Group

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548381510056-0'); });

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.

Latest News

U.S. Lumber Prices To Rise As Increased Home Building Offsets Decreased Chinese Exports

An increase in U.S. housing construction is expected to significantly raise lumber prices by the end of the year, offsetting the depressing effect China’s recent downturn in property investment has had on lumber demand. Capital…

West Fraser Investment In Pine Beetle Zone Faces Uncertain Future

The warning bell has been sounding for several years that the opportunity to extract economic value from pine beetle-killed trees would come to an end. West Fraser has focused on salvaging dead pine trees for…

Fluor-B&W Grant To Help Reopen Ohio Lumber Mill

A grant of $44,000 from Fluor-B&W Portsmouth will help reopen the former Sherwood Forest lumber mill near Waverly, which will provide jobs for 18 to 25 people when it becomes operational. The mill, which will…

« Older Entries

Next Entries »

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548381237439-0'); });

Find Us On Social

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380448760-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380578329-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380709898-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380656716-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380767732-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380810300-0'); });

Newsletter

The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.

Subscribe Now

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.

Complete the form

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.

Contact Us