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UPM-Sappi venture tests EU regulator’s view of high shares in declining markets

By Andrew Boyce ( December 8, 2025, 08:40 GMT | Comment) -- UPM-Kymmene and Sappi’s €1.42 billion plan to combine their graphic-paper businesses in a joint venture is the latest in a string of deals that will test how EU competition regulators view high market shares in markets that are shrinking. There is credibility to the Finnish and South African paper giants’ argument that the graphic paper market is in “structural decline.” But regulators will also need to weigh their claims about the impact of US trade tariffs and the views of their customers.UPM-Kymmene and Sappi’s €1.42 billion ($1.65 billion) plan to combine their graphic-paper businesses in a joint venture is the latest in a string of deals that will test how EU competition regulators view high market shares in changing markets....

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