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
B.C. Forest Industry Leaders Establish Safety Task Force
British Columbia’s wood products manufacturers have come together in an unprecedented collaboration to advance research and best practices in improving mill safety in response to the devastating explosions at Babine Forest Products and Lakeland Mills.…
Margin of Error Is Pollster’s Safe Haven
Story by Rich Donnell, Editor-in-Chief I am sure you’ll notice in this issue our extensive coverage of our annual Sawmill Capital Expenditure Survey. The articles run from page 8 to page 34, so basically that…
Sawdust Samples Sent To U.S. To Help Determine Cause Of B.C. Mill Explosions
WorkSafeBC officials say they are still trying to determine the cause of fatal blast that leveled the Burns Lake sawmill in January, including what role sawdust may have had in the explosion that killed two…
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.