CASE HUB See further, timeline. Case facts Outline European Commission merger investigation into the proposed creation of a joint venture between UPM-Kymmene Corporation and Sappi Limited (M.12270). The transaction involves horizontal overlaps in the relation to the production and supply of communication paper and speciality paper. Latest developments On 26 August 2026, the Commission issued its statement of objections. The Commission’s preliminary view is that, through the proposed transaction, the joint venture would acquire market power allowing it to increase prices and reduce quality to the detriment of customers for coated mechanical paper, a type of magazine paper, and coated wood-free paper, and that the benefits arising from integrating the relevant activities would be insufficient to offset the potential harm. Parties • UPM-Kymmene Corporation (UPM): UPM is headquartered in Finland. It is a global material solutions company that develops, produces and markets, among others, paper products, pulp, electricity, label stock and sawn timber, as well as biochemicals, biomass and