(1) The management or administrative organs of the participating companies and the special negotiating body shall commence negotiations as soon as the special negotiating body is established, and those negotiations may continue for up to 6 months from the establishment of that body.

(2) The parties may decide, by joint agreement, to extend negotiations beyond the period referred to in paragraph (1) up to a total of one year from the establishment of the special negotiating body.

(3) In the case of cross-border mergers only, the special negotiating body may decide, by a majority of 2 thirds of its members representing at least 2 thirds of the employees, including the votes of members representing employees in at least 2 different EEA states, not to open negotiations or to terminate negotiations already opened and to rely on the rules on employee participation in force in each of the EEA states (including the State) where the successor company has its employees.

(4) A decision under paragraph (3) shall terminate the procedure referred to in Regulation 78 for the conclusion of an agreement, and Schedule 2 shall not apply.