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I am having the same issue. All the help documentation references the Magnet Tool, but said tool does not appear in my Tool Palette nor anywere else. I've tried resetting my toolbar, but no avail. The damn magnet icon simply does not exist.

The settings to automatically add 2-5 magnets per shapes helps me not at all, Im afraid - my work involves objects being very close to one another and I need to customize them almost every time.