Private investor test : The General Court of the European Union annuls the Commission’s decision on the ground that the regulator didn’t correctly applied the test of the prudent private investor (Orange)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. The judgment of the Court of First Instance of 2 July 2015 marks a new stage in the case of the French Government's public declarations in favour of France Télécom (France Télécom) (see J. Derenne on the Court's annulment of the Court's first judgment of 2 July 2015).). Ruling on referral, the Court of First Instance again annulled the Commission's decision on the ground that the Commission had not correctly applied the private investor test. Background At the beginning of the 2000s, France Télécom, now known as Orange and in which the French State was the majority shareholder, was heavily indebted, its net debt reaching EUR 69,9 billion in 2002. Faced