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
Weyerhaeuser Establishes Preference For ATFS Certified Wood
One of the world’s largest forest products companies has announced a supply chain preference for certified material sourced from the American Tree Farm System (ATFS). For more than 89,000 family forest owners sustainably managing 27…
Wood Dust Warning Came Before Deadly B.C. Sawmill Blasts
Sawmills in B.C.’s Interior were warned wood dust was an explosive risk before two deadly sawmill explosions earlier this year, in which wood dust is suspected as a factor. But the advice took a back…
California Lumber Tax Dropped
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); A proposed 1% additional sales tax on selected lumber products that was part of Governor Jerry Brown’s attempt to close a state budget gap has been dropped, much to the relief…
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.