- EU antitrust regulators are set to block the proposed €1.42 billion ($1.66 billion) paper joint venture between Finland's UPM-Kymmene and South Africa-listed Sappi, according to people familiar with the matter.
- The companies declined to offer concessions to address competition concerns, removing a path to remedy the EU antitrust objections.
- UPM-Kymmene and Sappi failed to convince regulators of the deal's merits at a closed-door hearing earlier in the week, even after arguing about sustainability and resilient impact.
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“EU antitrust regulators set to block UPM-Sappi merger, sources say”