UPM disputes the Commission's preliminary assessment, arguing that the merger is essential to ensure the long-term sustainability and resilience of the European paper industry. The companies contend that the transaction represents a rational adaptation to a structurally declining market, where demand for graphic paper has plummeted by more than half over the last twenty years due to widespread digitalization.

Management maintains that without the joint venture, European producers will face heightened pressure to shutter capacity, potentially forcing customers to rely on imports as domestic portfolios shrink. While authorities in China, South Africa, and the United States have already cleared the deal, the European Commission’s final ruling is expected by the end of 2026. The outcome remains a test of the Commission's revised merger guidelines, which aim to balance competitive safeguards with the necessity of industrial investment in a fragmented global economy.