Question

In relation to Amalgamation, which of the following statements is INCORRECT?

A In amalgamation, two or more companies are wound up and a new company is formed to take over their business.
B In amalgamation, only one resultant company is formed. Two companies are wound up to form a single resultant company.
C In amalgamation, an existing company takes over the business of one or more existing companies.
D Amalgamation is done to cut competition and reap the economies on a large scale.
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