Judgment_paragraph 133 · Mytilinaios Anonymos Etairia – Omilos Epicheiriseon v European Commission (C-332/18 P)

133As regards, in the fourth place, the appellant’s argument concerning the application by the General Court of the private investor test, it is important to recall that it follows from the case-law of the Court that the applicability of that test depends on the Member State concerned having conferred, in its capacity as shareholder and not in its capacity as public authority, an economic advantage on an undertaking belonging to it. Accordingly, to determine whether that criterion is applicable, it is for the Commission to carry out a global assessment, taking into account any evidence enabling it to determine whether it took the measure in question in its capacity as shareholder or as a public authority of the Member State concerned. The nature and subject matter of that measure may be relevant in that regard, as is its context, the objective pursued and the rules to which the measure is subject (see, to that effect, judgment of 5 June 2012, Commission v EDF, C‑124/10 P, EU:C:2012:318, paragraphs 79 to 81 and 86).