Judgment_paragraph 14 · Kingdom of Spain v Commission of the European Communities (C-42/93)

14The Court has stated that although the conduct of a private investor, with which the intervention of a 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 sectoral — and guided by prospects of profitability in the longer term (see the judgment in Italy v Commission, cited above, paragraph 20).

Kingdom of Spain v Commission of the European Communities (C-42/93)

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