By Hanna Ziady, CNN London (CNN) — The Kremlin has moved to seize the Russian assets of Nestlé and French retailer Auchan amid a broader nationalization drive that has seen a surge in government takeovers of private companies.
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President Vladimir Putin has ordered the temporary administration of Nestlé’s and Auchan’s Russian assets, transferring control to the local firm L.E.V. Management as part of Moscow’s broader use of temporary administration to influence foreign-owned businesses operating in Russia; reports also note…
Russia seized control of the local assets of Swiss food giant Nestle SA and French supermarket chain Auchan, placing their stakes in Russian businesses under temporary administration.
Russia also placed the local businesses of French retailers Auchan and Leroy Merlin under temporary external administration, according to a presidential decree.
Russian President Vladimir Putin signed a decree on Thursday to transfer assets of Swiss food giant Nestle and three French groups to a company called LEV Management. Most Western companies quickly sold their Russian operations and holdings after Moscow launched its full-scale invasion of Ukraine, a…
Russian authorities have seized the businesses and assets of Swiss food giant Nestle and three French groups, a move the Kremlin defended Friday as a justified measure against firms representing "unfriendly countries" that back Ukraine.
By Hanna Ziady, CNN London (CNN) — The Kremlin has moved to seize the Russian assets of Nestlé and French retailer Auchan amid a broader nationalization drive that has seen a surge in government takeovers of private companies.
Switzerland said Vladimir Putin’s seizure of Russian assets belonging to Nestle SA is a worrying development and it’s working with the company to get the actions reversed.
The companies had been warned that remaining in Russia could expose their investments to seizure as the Kremlin increasingly uses foreign-owned businesses as leverage. B4Ukraine says companies should leave while they still can.
Identical headlines usually mean shared wire copy. They are counted as separate articles but are not independent confirmation.
