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EU antitrust regulators set to block UPM-Sappi merger, sources say

Finland’s UPM-Kymmene and South Africa-listed Sappi are set to face an EU antitrust veto against their proposed €1.42 billion ($1.66 billion) paper joint venture after the companies declined to offer concessions to address competition concerns, people familiar with the matter said. 

The companies also failed to convince regulators of the merits of their deal at a closed-door hearing earlier last week even after they argued about the sustainability and resilient impact of the deal, one of the people said.

Difficulties finding a buyer for any potential asset sales mean it is not an option.

Regulators, which will decide on the deal by November 11, also warned the combined entity could jack up prices.

EU antitrust regulators set to block UPM-Sappi merger, sources say

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