73In that regard, it must be recalled, first, that, in order to apply the private investor test, where there is doubt, it must be possible to establish unequivocally and on the basis of objective and verifiable evidence that the measure implemented by the Member State in question falls to be ascribed to that State acting as shareholder (judgment of 5 June 2012, Commission v EDF, C‑124/10 P, EU:C:2012:318, paragraph 82). It is apparent from the Decree of 4 August 2016 that the transfer of the shareholding in the capital of FSE to FSI sought, in particular, to ensure the continuity of employment and transport services provided by FSE. Moreover, that transfer also pursued the objective of maintaining public sector shareholding in the capital of FSE. However, such considerations are not taken into account by a private investor.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.