Judgment_paragraph 112 · Comune di Milano v European Commission (C-160/19 P)

112However, according to the case-law, for the purposes of applying the private investor test, the only relevant evidence is the information which was available, and the developments which were foreseeable, at the time when the decision to make the investment was taken (judgment of 5 June 2012, Commission v EDF, C‑124/10 P, EU:C:2012:318, paragraph 105). Furthermore, as the Commission does not have direct knowledge of the circumstances in which an investment decision was taken, it must rely, for the purposes of applying that test, to a large extent, on the objective and verifiable evidence produced by the Member State at issue for the purposes of establishing that the measure implemented falls to be ascribed to the State acting as shareholder and, therefore, that that test is applicable, in accordance with the case-law cited in paragraphs 106 and 107.

Comune di Milano v European Commission (C-160/19 P)

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