For the purpose of Article 31 of the EU Directive, the following definitions apply:
(a) ‘merger’ means any arrangement where:
(i) all or substantially all of the entities of two separate groups are brought under common control in a way that they constitute entities of a combined group; or
(ii) an entity that is not a member of a group is brought under common control with another entity or group in a way that they constitute entities of a combined group;
(b) ‘demerger’ means any arrangement where the entities of a single group are separated into two or more different groups that are no longer consolidated by the same ultimate parent entity.
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