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
Fulghum Commissions 170 ft. Crane In Arkansas
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Fulghum Industries, Inc. is pleased to announce the commission of the recently installed 170 ft. 45 ton log crane for the modernization project of PotlatchDeltic, Waldo, Ark. The crane will be…
Auburn University Announces Agenda For CLT Conference
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); The Auburn University College of Forestry, Wildlife and Environment (CFWE) has unveiled its roster of speakers and conference agenda for the upcoming 2024 cross-laminated timber (CLT) conference to be held this…
Besse Forest Products Closes Three Veneer, Lumber Operations
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Officials with Michigan-based Besse Forest Products recently announced the closure of three plants in Wisconsin that will result in more than 130 employees being laid off. The mills affected are Goodman…
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.