European Commission Press release Brussels, 28 Apr 2026 The European Commission has opened an in-depth investigation to assess, under the EU Merger Regulation, the proposed creation of a joint venture between UPM-Kymmene Corporation (‘UPM’) and Sappi Limited (‘Sappi’). The Commission is concerned that the transaction may reduce competition in certain markets for the production and supply of communication paper and specialty paper in the European Economic Area (‘EEA’) and result in higher prices, less choice or reduced quality.