(UPM, Helsinki, April 28, 2026 at 21:00 EEST) - UPM announced in December 2025 the conclusion of a non-binding letter of intent to form a graphic paper Joint Venture with Sappi. The proposed transaction is subject to merger control approval from the European Commission and authorities in other jurisdictions such as the US and China.
On April 28, 2026 the European Commission announced the opening of a Phase II investigation, which is a normal step in the Commission's merger review process in cases where initial concerns have not been fully resolved during Phase I.
UPM continues to engage openly and constructively with the Commission during this second part of the process to address the initial concerns set out in the Commission's Phase II opening decision. UPM remains convinced of the Joint Venture's benefits to customers and the entire industry by strengthening the resilience of European graphic paper supply in declining markets.
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UPM
UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Our performance in sustainability has been recognized by third parties, including EcoVadis and the Dow Jones Sustainability Indices. We operate globally and employ approximately 15,100 people worldwide, with annual sales of approximately €9.7 billion. Our shares are listed on Nasdaq Helsinki Ltd.
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