UBM and Sabi face European veto over 1.66B dollars

Both companies, Finnish UPM-Kymmene and South African Sappi, face the possibility of the European Union blocking their $1.66 billion merger after failing to make sufficient concessions to address European competition concerns. The deal, which aims to create the largest player in the European communication paper market, surpasses regulatory barriers due to fears of reduced competition and higher prices, especially in magazine and book markets. Regulatory authorities are expected to make their final decision by November 11, as the companies continue to attempt to persuade them of the economic and environmental benefits of the merger.

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