Medlemsstaterne kan undlade at bringe stk. 2 i anvendelse, såfremt forhøjelsen af den tegnede kapital foretages for at gennemføre en fusion, en spaltning eller et offentligt tilbud om køb eller bytte og med henblik på at vederlægge aktionærerne i et overtaget eller spaltet selskab eller i et selskab, der omfattes af det offentlige tilbud om køb eller bytte.
Member States may decide not to apply paragraph 2 in the event of an increase in subscribed capital made in order to give effect to a merger, a division or a public offer for the purchase or exchange of shares and to pay the shareholders of the company which is being absorbed or divided or which is the object of the public offer for the purchase or exchange of shares.