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....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.