The EU's competition authority is preparing a formal objection to Finnish forestry giant UPM-Kymmene and Sappi's planned joint venture in graphic paper, a deal valued at €1.42bn. Bloomberg News reported, citing sources.
The objection could come as soon as next week and will outline how the deal risks reducing competition, along with possible remedies.
The European Commission currently has until November 11 to make a final decision.
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