Section 687 | Disapplication of Chapter where transparent entities involved

(1)This section applies if one or more of the merging companies is a transparent entity.

(2)If as a result of the merger the assets and liabilities of a transparent entity are transferred to another company, this Chapter does not apply in relation to the transfer.

(3)In this section “transparent entity” means a company which is resident in a member State ... and which does not have an ordinary share capital.