On 24 January, the European Commission cleared, under the EU Merger Regulation, the proposed acquisition of DS Smith by International Paper (IP). However, the clearance is subject to full compliance with the commitments offered by the parties. The Commission's investigation showed that the transaction, as initially notified, would have reduced competition in the markets for the manufacture and supply of: corrugated sheets in northern and western Portugal; heavy-duty corrugated sheets in north-eastern Spain; and corrugated boxes in north-western France. In particular, the Commission found that the transaction would have generated high combined market shares and a high concentration in several local markets. It also found that, following the merger, there would not have been enough other competitors to exert sufficient competitive pressure on the merged entity. For consumers, this would have led to higher prices in the affected markets.