Stora Enso has won permission from the European Commission to acquire Dutch paper merchant Scaldia and Papeteries de France from International Paper (IP).
The cost of Scaldia, also a former IP unit, was reported to be 130 million ($38.5 million); the cost of Papeteries de France was pegged at 118 million.
An EU executive said: "The commission concluded that the transaction would not significantly impede effective competition in the EEA (European Economic Area) or any substantial part of it and has therefore approved the concentration."
The transaction originally came under Commission scrutiny after Stora Enso, which had already acquired Scaldia in 2004, proposed buying Papeteries de France.
Under EU merger regulations, if two or more acquisitions take place between the same companies – in this case Stora Enso and IP – within a two-year period, these transactions are considered a potential threat to competition.