If thetarget is acquired by a 'shell* company set up between theacquiring undertakings, there would be only one company(the 'shell' company) with a Community turnover exceeding ECU 250 million, and thus one of the cumulative thresholdconditions for Community jurisdiction would fail to befulfilled (namely, the existence at least two undertakingswith a Community turnover exceeding ECU 250 million).Conversely, if instead of acting through a 'shell' company,the acquiring undertakings acquire the target companythemselves, tnen the turnover threshold would be met andthe Merger Regulation would apply to this transaction.
Si, en lugar de actuar a través de una empresa inter­puesta, las panes adquirentes adquirieran por si mismas la empresa objetivo, se alcanzaría el umbral de volumen de negocios y seria de aplicación el Reglamento sobre opera­ciones de concentración.