Judgment_paragraph 84 · Alitalia - Linee aeree italiane SpA v Commission of the European Communities (T-296/97)

84In those circumstances, the employees' actual participation in the applicant's capital does not itself show that IRI's contribution satisfies the private investor test. It must be emphasised, in that regard, that the conduct of a private investor in a market economy is guided by prospects of profitability (Case C-305/89 Italy v Commission [1991] ECR1-1603, hereinafter ‘Alfa Romeo’, paragraph 20, Joined Cases C-278/92, C-279/92 and C-280/92 Spain v Commission [1994] ECR 1-4103, paragraphs 20 to 22, and Joined Cases T-126/96 and T-127/96 BFM and EFIM v Commission [1998] ECR II-3437, paragraph 79). The employees' participation was motivated by the desire to keep their jobs and therefore, above all, by considerations pertaining to the applicant's viability and survival rather than by prospects of profitability.

Alitalia - Linee aeree italiane SpA v Commission of the European Communities (T-296/97)

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