Judgment_paragraph 20 · Italian Republic v Commission of the European Communities (C-305/89)

20It should be added that although the conduct of a private investor with which the intervention of the public investor pursuing economic policy aims must be compared need not be the conduct of an ordinary investor laying out capital with a view to realizing a profit in the relatively short term, it must at least be the conduct of a private holding company or a private group of undertakings pursuing a structural policy — whether general or sectorial — and guided by prospects of profitability in the longer term.

Italian Republic v Commission of the European Communities (C-305/89)

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