235According to the case-law on sales of assets, in order to determine whether the obligation to recover aid paid to a company in difficulty can be extended to a new company to which the former company has transferred certain assets, where that transfer gives rise to the conclusion that there was financial continuity between the two companies, the following elements may be taken into consideration: the purpose of the transfer (assets and liabilities, continuity of the workforce, bundled assets), the transfer price, the identity of the shareholders or owners of the acquiring undertaking and of the original undertaking, the moment at which the transfer was carried out (after the start of the investigation, the initiation of the procedure or the final decision) and, lastly, the economic logic of the transaction (see, to that effect, the Seleco judgment, cited in paragraph 52 above, EU:C:2003:252, paragraph 78; judgments of 13 September 2010 in Greece and Others v Commission, T‑415/05, T‑416/05 and T‑423/05, ECR, EU:T:2010:386, paragraph 135, and 28 March 2012 in Ryanair v Commission, T‑123/09, ECR, EU:T:2012:164, paragraph 155). The Commission is not, however, required to take all of those factors into account (see, to that effect, judgment in Ryanair v Commission, EU:T:2012:164, paragraph 156).
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