Putin put Russian assets of French supermarket chain Auchan and Swiss food giant Nestlé under temporary management. Neither company had left Russia after the full-scale invasion.
The assets of the Russian subsidiaries of France’s Auchan and Switzerland’s Nestlé have been placed under the temporary management of a company called L.E.V. Management, under a decree signed by Russian President Vladimir Putin.
Russian President Vladimir Putin has placed the assets of French supermarket chain Auchan and Swiss food giant Nestlé under temporary management, according to a decree. The same decree also placed a 0.007% stake held by French group Adeo in Russian legal entity Le Monlid under temporary management. Kommersant reported in mid-August that company KS Logistika had requested Putin to impose temporary management on five of Nestlé's Russian legal entities, which could mark the beginning of an ownership-transfer process due to the lack of expansion plans and halted exports of goods made in Russia.
Neither Auchan nor Nestlé left Russia after Russia's full-scale invasion in Ukraine in 2022. However, Nestlé did scale back its operations, halting investment, stopping sales of some brands like KitKat and Nesquik, and announcing no plans to turn a profit in Russia. Leroy Merlin's owner announced leaving Russia in 2023, and the home improvement stores now operate under the brand name Lemana PRO.
Written by urgent.news from Meduza (English)'s reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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