Stora Enso, headquartered in Finland, is one of the leading providers of renewable products in packaging, biomaterials, and wooden construction. They sought to acquire Junnikkala, who ran three sawmills located in Northern Finland, where Stora Enso Oyj operates a pulp mill and a sawmill. However, the Finnish Competition and Consumer Authority (FCCA) wanted to ensure that sufficient competition remained in the wood procurement markets before approving the acquisition.
Copenhagen Economics supported Stora Enso throughout the competitive assessment of the merger by the FCCA. CE’s support spanned all key aspects of the merger review, including market definition and the theories of harm under investigation. The FCCA’s analysis focused on the prospect that an increased concentration in the procurement of raw wood would result in competitive harm.
On 14 April 2025, the Finnish Competition and Consumer Authority (FCCA) unconditionally cleared Stora Enso’s acquisition of Junnikkala following a phase II inquiry. They concluded that a sufficient number of competitors would remain in the market, and that the rival companies could expand their procurement areas if prices were to decline as a result of the merger.
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