EU clears joint venture between UPM & BRIST
EU clears joint venture between Finland's UPM, Maltese BRIST
Brussles, 07/28/08 (Xinhua via COMTEX): The European Commission cleared on Monday the proposed creation of a new timber and pulp joint venture by Finnish UPM-Kymmene Corporation (UPM) and B.R.I.S.T. Limited of Malta (BRIST).
The two companies will each have a 50 percent equity interest in the proposed joint venture to be located in the Vologda region of Russia.
UPM is a global forest products group with core businesses in printing papers, specialty papers, label materials and wood products. BRIST is a holding company ultimately controlled by a Russian entrepreneur who controls a number of businesses in, among other areas, wood processing.
The joint venture will construct and operate mills for the production of saw timber, pulp and a type of wood-based panel board product, OSB panels (oriented strand board). It will then trade these products on wholesale markets.
The activities of the joint venture overlap horizontally with those of UPM and BRIST in the market for wood-based panel board products and with those of UPM only in the markets for saw timber and pulp.
In all cases, the combined current and likely future market shares are and will remain well below 15 percent, said the commission, the executive body of the European Union (EU).
There also is a vertical link between UPM's activities in paper business, in particular, the wood-containing magazine paper market and the joint venture's activities in the upstream market for the production of pulp. The commission, however, concluded that this would not create competition concerns, as pulp has a wider application than wood-containing magazine paper. (Copyright: tradingmarkets.com, UPM, BRIST)
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