Private investor test: The Court of Justice of the European Union confirms the annulment of the European Commission’s decision decided by the General Court of the European Union on the ground that the regulator did not correctly apply the private investor test (France et Orange)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. By this judgment of 30 November 2016, the Court of Justice marks the end of the case of the French Government's public declarations in favour of France Télécom (France Télécom), which has been before the European Courts for more than ten years (see our comment on the second annulment by the Court of First Instance on referral from the Court of Justice). The Court of Justice dismisses the Commission's appeal and confirms the annulment of the decision of 2 August 2004 by the Court of First Instance for misapplication of the private investor test. Background At the beginning of the 2000s, France Télécom (now Orange), in which the French State was the majority