HELSINI (News release) -- UPM has received a Statement of Objections from the European Commission as part of the merger control approval process for the planned graphic paper joint venture between UPM and Sappi.

The adoption of a Statement of Objections is a customary step during an in-depth merger investigation, with the Commission providing more details on its preliminary concerns in the document. UPM, together with Sappi, is reviewing the Statement of Objections carefully and will respond in due course, with the company stating it is confident it will be able to respond fully to the Commission's preliminary concerns.

UPM remains convinced that the planned joint venture is a necessary step to secure reliable supply continuity for graphic paper customers in Europe and strengthen the resilience of the entire European graphic paper industry, and will continue to engage constructively with the Commission during the next stages of the ongoing investigation.

UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers.