Sappi acknowledges receipt of a Statement of Objections from the European Commission regarding the proposed joint venture with UPM.
The issuance of a Statement of Objections is a standard procedural step in an in-depth Phase 2 European Commission merger control investigation and does not prejudge the final outcome of the European Commission’s review. This formal step was anticipated and provides a framework for the next phase of discussions, in which Sappi and UPM will submit their observations addressing the European Commission’s preliminary concerns.
We will continue to engage constructively with the European Commission to address its preliminary considerations and demonstrate the benefits of the transaction. We remain committed to this process and are confident in a positive outcome by the end of the year.
Further information on the proposed Joint Venture can be found on:
Sappi and UPM propose the formation of a joint venture in the Graphic Paper sector
About Sappi
Sappi uses renewable resources to make woodfibre based products. We are a diversified, innovative and trusted leader focused on sustainable processes and products, and are building a circular economy that benefits the world. Our packaging papers, graphic papers, pulp and biomaterials are manufactured from woodfibre sourced from sustainably managed forests, in production facilities which, in many cases use internally generated bioenergy. Many of our operations are self-sufficient. We have manufacturing operations on three continents and sell our products in more than 150 countries. Our global presence allows us to optimise for different markets, while sharing best practices and the latest technological achievements. Together with our partners, we work to build a thriving world by acting boldly to support the planet, people and prosperity.
Issued by Edelman Europe
Nikkie Shike
VP Public & Government Affairs
Tel +32 475755106
Nikkie.Shike@edelman.com
For further information:
André F Oberholzer
Group Head Corporate Affairs
Sappi Limited
Andre.Oberholzer@sappi.com
Tracy Wessels
Group Head Investor Relations and Sustainability
Sappi Limited
Tracy.wessels@sappi.com
Kirsty Hector
Regional Communication Manager
Sappi Europe
Kirsty.hector@sappi.com