New EU merger guidelines' promised dynamism put to test by UPM-Sappi JV
By Andrew Boyce and Nicholas Hirst ( July 6, 2026, 09:59 GMT | Comment) -- UPM and Sappi’s €1.4 billion paper manufacturing joint venture is testing the EU merger regulator’s thinking on "pivotality," fixed costs and out-of-market benefits — all concepts that are part of the regulator’s new dynamic approach to merger review, outlined recently in draft guidelines. How the European Commission treats its arguments promises to be of interest to dealmakers across the board.Pivotality, fixed costs and out-of-market benefits are economic terms that many would find opaque....
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.