EU antitrust regulator flags serious concerns over UPM-Sappi graphic paper joint venture

• UPM is pressing ahead with a planned graphic paper joint venture with Sappi despite renewed European Commission competition concerns.
• The Commission sent a Letter of Facts, restating serious issues with the transaction; the partners are preparing a response.
• UPM plans remedy proposals to address concerns, steering away from divestments.
• Most merger clearances are already in hand, including China, South Africa, and the U.S.
• A final EU decision is expected by year-end or shortly thereafter; the venture would start operating on closing.

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