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2.

No shares in a recipient company shall be exchanged for shares held in the company being divided either: by that recipient company itself or by a person acting in his own name but on its behalf; or by the company being divided itself or by a person acting in his own name but on its behalf.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-11 · Text as adopted (Official Journal); later amendments are not incorporated in this text.