Here are Antti’s comments regarding UPM’s agreement to form a graphic paper joint venture with Sappi. 
As expected, UPM announced it has entered into a definitive agreement for a graphic paper joint venture with Sappi. We assess the arrangement to be a slightly positive step for the company, as it removes a structurally declining business from the group’s direct ownership. However, in our view, the share of the paper business in UPM’s overall valuation is limited. We have not yet included the transaction in our forecasts due to uncertainty related to competition authority approvals.