Sappi announced a price increase of 8 – 10% in Europe today, to go into effect on 1 January. And reaped criticism for its decision from the UK printing industry.

Sappi shareholders approved the M-real deal this week, meaning all the legal hurdles have been cleared and the deal should go through as planned in the first quarter of 2009.

The sale on 29/9/2008 by M-Real of its graphic papers business to South African paper manufacturer Sappi for €750 million is subject to the approval of Sappi shareholders and the competition authorities of the EU and the US.

On 31/10/2008 the EU competition authorities approved the transaction. Earlier the US competition authorities approved the transaction. The Sappi extraordinary shareholders’ meeting was held today (outcome not known yet). The sale is expected to be completed after the implementation of the rights offering not later than in the first quarter of 2009.

This one just for the record, because I didn’t report on it back in September and I would like to have it in my databank.