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Novamerican Steel Inc. was acquired by a wholly-owned indirect subsidiary of Symmetry Holdings Inc for a purchase price of US$585.2 million. Symmetry is a company formed for the specific purpose of acquiring businesses that are in the basic industries sector. Since completing its initial public offering in March 2007, Symmetry has dedicated its resources to seeking and evaluating business combination opportunities of industrial, asset-based companies in North America. Davies represented Symmetry Holdings Inc.

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2007