The EU Commission orders the recovery of State aid to a postal operator by two Member States which had provided three capital injections in order to stop a predicted reclassification of the undertaking’s credit rating (PostNord / Post Danmark)

Injection of Capital in a Postal Operator* The resources of a public undertaking necessarily count as “state resources”, regardless of the degree of autonomy of the public undertaking. However, not every decision of a public undertaking can necessarily be “imputed” to the state. A prudent investor may take into account authorised State aid. A prudent investor may tolerate short-term losses if it can realise sufficient profits in the longer term. Introduction Normally, when an investor puts money in a company, it does so on the expectation that it will make the company more profitable and, as a consequence, the company will share part or all of the extra profit with the investor. In the case which is reviewed here, rather unusually, two Member States, Denmark and Sweden, injected

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