EU to block UPM and Sappi joint venture
EU antitrust regulators are set to veto the proposed paper joint venture between UPM and Sappi after the companies declined to offer concessions. The European Commission warned the deal could reduce competition and raise prices in the communication paper market.
Insights:
European Union antitrust regulators are set to block a €1.42 billion ($1.66 billion) paper joint venture between Finland-based UPM-Kymmene and South Africa-listed Sappi. The companies declined to offer concessions to address regulatory competition concerns, people familiar with the matter said Thursday morning.
