30. 12. 89 Official Journal of the European Communities No L 395/1 ‘I (Acts whose publication is obligatory) COUNCIL REGULATION (EEC) No 4064/89 of 21 December 1989 on the control of concentrations between undertakings THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European: Economic Community, and in particular Articles 87 and 235 thereof, Having regard to the proposal from the Commission (1), Having regard to the opinion of the European Parliament (2)," Having regard to the opinion of the Economic and Social " Committee (3), Whereas, for the achievement of the aims of the Treaty establishing the European Economic Community, Article 3 (f) gives the Community the objective of instituting ‘a system ensuring that competition in the common market is not distorted’; . Whereas this system is essential for the achievement of the .internal market by 1992 and its further development; Whereas the dismantling of internal frontiers is resulting and will continue to result in major corporate re-organizations in the Community, particularly in the form of concentrations; i Whereas such a development must be welcomed as being in line with the requirements of dynamic competition and capable of increasing the competitiveness: of European industry, improving the conditions of growth and raising the standard of living in the Community; Whereas, however, it must be ensured that the process of re-organization does not result in lasting damage to (1) OJ No C 130, 19. 5. 1988, p. 4. (2) O] No C 309, 5. 12. 1988, p. 55. (*) O] No C 208, 8. 8. 1988, p. 11. competition; whereas Community law. must- therefore include provisions governing those concentrations which may significantly impede: effective competition in the common market or in a substantial part of it; Whereas Articles 85 and 86, while applicable, according to the case-law of the Court of Justice, to certain concentrations, are not, however, sufficient to cover all operations which may prove to be incompatible with the system  of undistorted competition envisaged in the Treaty; Whereas a new legal instriment should therefore be created in the form of a Regulation to permit effective monitoring of all concentrations from the point of view of their effect on the structure of competition in the Community and to be the only instrument applicable to such concentrations; Whereas this Regulation should therefore be based not only on Article 87 but, principally, on Article 235 of the Treaty, under which the Community may give itself the additional powers: of action necessary for the attainment of its objectives, and also with regard to concentrations on the markets for agricultural products listed in Annex II to the Treaty; Whereas the provisions to be adopted in this Regulation should apply to significant structural changes the impact of - which on the market goes beyond the national borders of any one Member State; ' Whereas the scope of application of this Regulation should.. therefore be defined according to the geographical area-of activity ‘of the undertakings concerned and be limited by quantitative- thresholds in order to. cover those concentrations- which have a Community dimension; whereas, at the end of an initial phase of the implementation - of this Regulation, these thresholds should be reviewed in the light of the experience gained; ' Whereas a concentration with a Community dimension exists where the aggregate turnover of the undertakings concerned exceeds given levels worldwide and throughout