UPM and Sappi Offer EU Remedies
UPM and Sappi have proposed production and capacity remedies to the European Commission. The concessions aim to secure antitrust approval for their paper joint venture. The regulator extended its decision deadline to January.
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UPM-Kymmene Oyj and Sappi Limited offered production capacity remedies to secure EU antitrust approval for their €1.42 billion ($1.6 billion) paper joint venture on Thursday morning. The joint venture combines communication and specialty paper operations from Finland and South Africa to create the largest player in Europe. Regulators extended their decision deadline following the submission, which aims to address competition concerns in magazine and book paper markets.
