Key highlights
- UPM and Sappi concluded a non-binding LOI in Dec 2025 to form a graphic paper joint venture.
- The proposed JV requires merger control approvals in the EU, the US and China.
- The European Commission opened a Phase II investigation on 28 Apr 2026; UPM is engaging with the Commission to address its concerns.
Transaction background
In December 2025 UPM and Sappi concluded a non-binding letter of intent to form a graphic paper joint venture; the transaction requires merger control approvals in the EU, the US and China.
Regulatory review
On April 28, 2026 the European Commission opened a Phase II investigation after initial concerns were not fully resolved in Phase I, advancing the matter to an extended merger review.
UPM engagement
UPM states it is engaging with the Commission during Phase II to address the concerns set out in the opening decision.
