(1) The parties shall negotiate or work together, as the case may be, in a spirit of cooperation with due regard for their reciprocal rights and obligations and taking into account the interests both of the resulting company and of the employees.

(2) In paragraph (1), "parties" means -

(a) the competent organs of the participating companies and the special negotiating body, in relation to reaching an agreement in accordance with Regulation 78 on arrangements for the involvement of the employees within the resulting company or companies,

(b) the competent organ of the resulting company or companies and the representative body as set out in Schedule 2, and

(c) the supervisory or administrative organ of the resulting company or companies and the employees or their representatives (or both), with regard to a procedure for the information and consultation of employees.