Helsinki (News release) - UPM announced in December 2025 the conclusion of a non-binding letter of intent to form a graphic paper Joint Venture with Sappi. The proposed transaction is subject to merger control approval from the European Commission and authorities in other jurisdictions such as the US and China.

On April 28, 2026 the European Commission announced the opening of a Phase II investigation, which is a normal step in the Commission's merger review process in cases where initial concerns have not been fully resolved during Phase I.

UPM continues to engage openly and constructively with the Commission during this second part of the process to address the initial concerns set out in the Commission's Phase II opening decision. UPM remains convinced of the Joint Venture's benefits to customers and the entire industry by strengthening the resilience of European graphic paper supply in declining markets.