global-business2.92 min read Putin Seizes Nestle, Auchan, and French Firms in First Major Asset Grab Since 2023
Russian President Vladimir Putin has signed a decree placing the Russian assets of Swiss food giant Nestle and French retailer Auchan under temporary external administration. The move, which also targets French logistics firm FM Logistic and the former Leroy Merlin subsidiary Lemana Pro, marks the first major seizure of Western corporate assets since 2023. The assets are being transferred to a shell company called LEV Management, a move widely interpreted as a precursor to handing control to Kremlin-friendly investors. Nestle stated it is assessing its options to protect its rights, while shares of the company fell by 2.2% following the announcement.
25 days ago•Source: CNBC
