Symmetry, Novamerican Steel clear Canadian regulatory hurdle

By Lisa Kerner

Charlotte, N.C., Oct. 15 - The proposed merger of Symmetry Holdings Inc. and Novamerican Steel Inc. was approved by the Minister of Industry under the Investment Canada Act. Symmetry previously received clearance under the Competition Act (Canada) and the Hart-Scott-Rodino waiting period has ended.

With all required regulatory approvals completed, Symmetry stockholders are set to vote on the company's acquisition of Novamerican at a special meeting on Oct. 25. The record date for the meeting is Oct. 2, according to a company news release.

On June 21, Symmetry agreed to acquire Novamerican for $56 per share in cash in a transaction valued at $585.2 million. The transaction will be carried out under a court-approved statutory plan of arrangement governed by the Canada Business Corporations Act.

Novamerican is a Montreal-based steel company.

New York-based Symmetry is in the business of acquiring companies in the basic industries sector.

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