Symmetry shareholders say yes to acquisition of Canadian steel company Novamerican

By Lisa Kerner

Charlotte, N.C., Oct. 25 - Symmetry Holdings Inc.'s shareholders approved the company's acquisition of Novamerican Steel Inc. at a special meeting on Thursday.

The transaction is expected to be completed during the first two weeks of November pending approval by Novamerican shareholders.

More than 80% of Symmetry shares cast were voted in favor of the acquisition proposal; holders of some 20% of the shares issued in Symmetry's initial public offering voted against the proposal and properly exercised their conversion rights.

"We have delivered an excellent growth opportunity ahead of our most optimistic schedule and with strong support from our investors," Symmetry chief executive officer Corrado De Gasperis said in a company news release.

"Novamerican is well suited for the implementation of our operating methodology - the Decalogue. We are proud of the fine efforts of our entire team. We are both ready and eager to begin implementing our plan."

Symmetry and Novamerican announced a definitive agreement on June 21 that gives Novamerican shareholders $56 per share in a cash transaction valued at $585.2 million.

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

Novamerican is a Montreal-based steel company.

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