UPM has today published a stock exchange release regarding the joint venture with Sappi and the European Commission’s “concerns” about the corporate transaction. Exceptionally punchy text, and I couldn’t agree more. The Commission seems to think that you can get by in Europe on a subsidy economy and that profitability doesn’t matter. With this mindset, the lights will eventually be turned off at many more operations in Europe, or at least ownership will drain to more fertile ground.
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