UPM-Kymmene is drawing fresh attention after a recent report said the European Commission has opened a deeper Phase II antitrust review of the company’s planned graphic-paper joint venture with Sappi. For U.S. investors, the case matters because UPM is a global forest-products supplier with exposure to packaging, biomaterials and paper markets that also serve North American customers.

The stock is tied to a Finnish industrial group whose operating profile spans multiple end markets, from packaging materials to pulp and specialty papers. In a recent company overview cited by…