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EU set to veto €1.42 billion UPM-Sappi paper joint venture

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  • UPM-Kymmene Oyj and Sappi Ltd face an EU veto over their proposed paper joint venture.
  • €1.42 billion ($1.66 billion) is the value of the proposed transaction.
  • The companies declined competition remedies and failed to persuade regulators at an earlier hearing.
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