Putin places Nestle's Russian assets under external administration

Russian President Vladimir Putin issued a surprise decree placing the Russian assets of Swiss food giant Nestlé under temporary external administration, published on Russia's official legal portal on Thursday. Nestlé, which makes Nescafé and KitKat, said it is assessing the situation and taking steps to protect its rights; its shares fell 2.2% on Friday. The decree also targets French retailer Auchan and Lemana Pro, the former Russian arm of Leroy Merlin, with assets to be transferred to a shell company called L.E.V. Management. The Kremlin said only external management has been introduced so far.