UPM said several important conditions stated in the investment agreement are still pending.

The UPM Raflatac segment manufactures self-adhesive label materials for product and information labelling.

Analysts forecast UPM's core quarterly operating profit fell 37 percent.

UPM said it would book 22 million euros in restructuring charges in its April-June results.

At the end of March, UPM scrapped its 2020 outlook due to the significant uncertainty.