EU examines UPM's acquisition of competitors
The European Commission launched on Friday a detailed examination of UPM-Kymmene's acquisition of the Finnish company Myllykoski and German company Rhein Papier. EU regulatory process of UPM's Myllykoski transaction proceeds into the second phase.The Competition Directorate-General of the EU Commission has completed the first phase of the regulatory investigation into UPM's acquisition of Myllykoski and Rhein Papier. In line with the parties' expectations, the Commission has announced today that the investigation will proceed into the second phase.
Due to the year end, the filing of the case with the Commission took place slightly later than expected. Therefore the targeted time of the closing of the transaction is postponed to the third quarter of 2011. UPM continues to work closely with the Commission in order to allow the Commission to complete its review as quickly as possible.