Judgment of the General Court (Sixth Chamber) of 28 February 2012 --
   Grazer Wechselseitige Versicherung v Commission
   (Case T-282/08)

   State aid -- Aid granted by the Austrian authorities to the Grazer
   Wechselseitige group (GRAWE) in connection with the privatisation of
   Bank Burgenland -- Decision declaring the aid to be incompatible with
   the common market and ordering its recovery -- Private investor in a
   market economy test -- Application where the State acts as vendor --
   Determination of the market price

   1.                     State aid -- Concept -- Sale of an asset by a
   public body to a private person on preferential conditions --
   Included -- Assessment according to the criterion of the private
   investor (Art. 87(1) EC) (see paras 45, 46)

   2.                     State aid -- Concept -- Legal nature --
   Interpretation on the basis of objective factors -- Judicial review
   -Scope (Art. 87(1) EC) (see paras 47, 48, 56)

   3.                     Actions for annulment -- Grounds -- Lack of or
   inadequate statement of reasons -- Distinguished from manifest error of
   assessment (Arts 230 EC and 253 EC) (see para. 68)

   4.                     State aid -- Concept -- Assessment according to
   the criterion of the private investor -- Transfer of an undertaking --
   Determination of a price -- Preference to be given to the result of an
   open, transparent and unconditional tendering procedure rather than to
   an export report (Art. 87(1) EC) (see paras 76-80, 86)

   5.                     State aid -- Concept -- Assessment according to
   the criterion of the private investor -- Transfer of an undertaking --
   Uncertain outcome and duration of an authorisation procedure not
   automatically implying the exclusion of a buyer by a private investor
   (Art. 87(1) EC) (see paras 88, 90, 100, 101)

   6.                     State aid -- Concept -- Assessment according to
   the criterion of the private investor -- Whether account to be taken,
   in determining the transfer price of an undertaking, of the risk
   represented by the existence of a statutory guarantee scheme benefiting
   the undertaking to be transferred -- Not included (Art. 87(1) EC) (see
   paras 122, 128, 130, 131)

   7.                     State aid -- Recovery of unlawful aid -- Aid
   granted in breach of the procedural rules of Article 88(3) EC --
   Legitimate expectations entertained by the recipients -- Legal
   certainty -- Protection -- Conditions and limits (Art. 88(3) EC) (see
   paras 152, 153)

   8.                     State aid -- Prohibition -- Exceptions -- Aid to
   support or facilitate the economic development of certain regions or
   activities -- Discretion of the Commission -- Judicial review --
   Limits -- Strict interpretation of derogations (Art. 87(3)(a) and (c)
   EC) (see paras 158, 161)

   Re:

   APPLICATION for annulment of Commission Decision 2008/719/EC of
   30 April 2008 on State aid C 56/06 (ex NN 77/06) implemented by Austria
   for the privatisation of Bank Burgenland (OJ 2008 L 239, p. 32).

   Operative part

   The Court:

   1.

   Dismisses the action;

   2.

   Orders Grazer Wechselseitige Versicherung AG to pay the costs.