Directive 78/855/EEC is hereby amended as follows:

1. 1.

   in Article 10, the following paragraph shall be added:

   ‘4.

   Neither an examination of the draft terms of merger nor an expert report shall be required if all the shareholders and the holders of other securities conferring the right to vote of each of the companies involved in the merger have so agreed.’;

2. 2.

   in Article 11(1), point (e) shall be replaced by the following:

   1. ‘(e)

      where applicable, the reports provided for in Article 10.’.