UPM and Sappi's proposed graphic paper Joint Venture has advanced to the second phase of the European Commission's merger control process, with the regulator announcing a Phase II investigation on 28 April 2026. The move follows a non-binding letter of intent that UPM announced in December 2025 to form the Joint Venture. The transaction remains subject to merger control approval from authorities in the European Union, the United States, and China.
The European Commission's decision to open a Phase II investigation represents a standard step in cases where initial concerns raised during Phase I have not been fully resolved. UPM confirmed it will continue to engage with the Commission during this second part of the review to address the concerns outlined in the Phase II opening decision. The company stated it remains convinced of the Joint Venture's benefits for customers and the industry.
