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STOCKS NEWS EUROPE-Stora Enso falls as UBS sees M&A unlikely

Reuters - UK Focus

(Repeats to fix format, no change to text)

Shares in Stora Enso (Xetra: 871004 - news) fall 4.7 percent to 6.315 euros ($8.55) as traders cite a UBS (Berlin: UBRA.BE - news) note in which the bank cuts its recommendation on the stock to 'sell' and says speculation of M&A deals in the European paper industry has been exaggerated.

Stora's stock has risen more than 20 percent since late June, partly due to increased hopes it would merge its ailing paper assets with rival UPM (Taiwan OTC: 4752.TWO - news) -Kymmene to form a large market leader in Europe.

"While we argue scale is important, we believe it would be very difficult for such a deal to be approved," UBS analysts say in a note, adding they remain cautious on global pulp market outlook.

Reuters Messaging: jussi.rosendahl.thomsonreuters.com@reuters.net