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
Timber Processing Combs The Ligna Fair Aisles
The Timber Processing magazine team reports an active first half of the week for sawmill machinery exhibitors at the week-long Ligna international wood processing fair held in Hannover, Germany. Bandmills were not in short supply, including this EWD bandmill system in the middle of Sawmill Hall. Timber Processing magazines were practically flying off the shelf at the Timber Processing…
Lumbering Along With James Oliver Dunn
Article by Dan Shell, Senior Editor, Timber Processing May 2023 – Some of my very first memories are playing around my grandmother’s house located on a county road in Brushy Creek, Ala., which is a suburb of East Chapman, Ala. (that’s a joke)…
Conifex Announces McLellan As President, COO
Conifex Timber Inc. has announced that Andrew McLellan has been promoted to President and Chief Operating Officer. As President, McLellan will lead Conifex’s business units and pursue value-added opportunities in fiber procurement, lumber manufacturing and marketing, green power generation, and other complementary businesses. Andrew retains responsibility for forest…
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.