(1) If, in the case of a transaction, a capital company or a capital company which is in the process of being formed (in this section referred to as the "acquiring company") acquires either -
(a) the undertaking or part of the undertaking of another capital company (in this section referred to as the "target company"), or
(b) share capital of another capital company to an extent that, after that transaction, but not necessarily as a result of that transaction, the acquiring company owns at least 75 per cent of the issued share capital of that other company (in this section referred to as the "target company"),
then, subject to this section, stamp duty on the statement delivered in accordance with section 117 (1) shall be charged at the rate of zero per cent (in this section referred to as the "reduced rate").
(2) Notwithstanding subsection (1), where the percentage referred to in paragraph (b) of subsection (1) is reached by means of 2 or more transactions, the reduced rate shall