(103) Då Portugal Telecom successivt privatiserades under granskningsperioden, måste kommissionen skilja perioden när staten var majoritetsägare i Portugal Telecom från perioden då staten var minoritetsägare. ###>(103) Since Portugal Telecom was gradually privatised during the period under investigation, the Commission has to distinguish between the period during which the State had a majority holding in the company and the period during which it had a minority holding.