Here are also Antti’s comments on this upcoming joint venture between UPM and Sappi. 
UPM and Sappi intend to establish a joint venture for graphic papers. In our opinion, the arrangement is strategically sound, as it reduces the company’s dependence on a structurally declining paper market with weak prospects. A larger company also finds it easier to defend its efficiency in shrinking markets. However, UPM was unable to secure particularly favorable terms in the arrangement despite its market-leading position; instead, we believe it is a very balanced merger. The arrangement does not cause immediate changes to our forecasts for UPM’s coming years or our view of the company, as the share of paper businesses in the stock’s value is moderate, and the arrangement is not expected to be completed until the end of 2026. Furthermore, we do not consider the competition authorities’ positive view of the arrangement to be certain at this stage.