Putin targets Nestle's Russian business as Kremlin tightens grip on Western assets

Boxes of cereal manufactured by Nestle SA sit on shelves amongst other goods inside an Essen hypermarket operated by ZAO Essen Production AG, in Naberezhnye Chelny, Russia, on Saturday, Aug. 27, 2016.Bloomberg | Bloomberg | Getty ImagesSwiss food giant Nestle said Friday it's weighing its options after the Kremlin moved to place the Russian assets of its business under temporary external administration, as part of a renewed push against Western businesses still operating in the country amid the Ukraine war.The maker of Nescafé coffee and KitKat chocolate bars said that it took note of the Russian presidential decree, which was published on the country's official legal portal on Thursday, and is "assessing the situation."Russian President Vladimir Putin's surprise move is widely regarded as the first step toward passing the assets into the hands of Kremlin-friendly investors."Nestlé is committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees," the company said in a statement. Shares of Nestle traded 2.2% lower on Friday morning.French retailer Auchan and Lemano Pro, the...