CASE COMMENTS: STATE AIDS – CJEU – RESTRUCTURING AID – RECOVERY AND ECONOMIC CONTINUITY - PRIVATE INVESTOR TEST AND COMPENSATORY MEASURES

Private investor test: The Court of justice of the European Union rejects an appeal against a judgment of the General Court of the European Union confirming, firstly the economic continuity between a seller and an acquirer of the shares of a company being the legal successor of the beneficiary of the aid to be recovered and, secondly the non-applicability of the private investor test to an aid recovery situation where the State acts as public power (SNCF Mobilités)

Les difficultés de Sernam, la société de messagerie et de transport express de colis et palettes détenue à 100 % par la Société nationale des chemins de français (SNCF), ont généré de multiples questions d’aides d’État depuis 2001. Contexte juridique et factuel Une première décision de la Commission (Sernam 1, 23 mai 2001, NN 122/2000) a approuvé une aide à la restructuration de 503 millions d’euros. Compte tenu du non-respect des conditions de cette décision, une nouvelle décision en 2004 (Sernam 2, 20 octobre 2004, C 32/2003) a ordonné le remboursement d’une aide supplémentaire de 41 millions d’euros qui avait été illégalement versée pour couvrir certaines pertes postérieures à l’adoption de la décision Sernam 1. La Commission a toutefois confirmé son approbation de l’aide de 503 millions d’euros, sous

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Jacques Derenne, Private investor test: The Court of justice of the European Union rejects an appeal against a judgment of the General Court of the European Union confirming, firstly the economic continuity between a seller and an acquirer of the shares of a company being the legal successor of the beneficiary of the aid to be recovered and, secondly the non-applicability of the private investor test to an aid recovery situation where the State acts as public power (SNCF Mobilités), 7 March 2018, Concurrences Review N° 2-2018, Art. N° 86945, pp. 129-133

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