Le Monde: German retailer Metro itself asked the Kremlin to put its Russian assets under temporary management
German retail chain Metro approached Russian authorities with a request to place its assets under temporary management, Le Monde reports. The company hopes to keep more control over its fate and later secure better sale terms.
German retailer Metro itself asked Russian authorities to take its assets in Russia under temporary management, a source familiar with Moscow business circles told the French newspaper Le Monde.
According to the paper, Metro's management believed that Auchan, Nestlé, Lemana PRO (formerly Leroy Merlin) and FM Logistic had been caught off guard when Vladimir Putin put them under external management by decree on 17 September. Metro therefore chose to act pre-emptively to avoid the worst-case outcome.
Risks and hopes
The source told Le Monde that the German company asked the Kremlin to impose temporary management, hoping to keep greater influence over what happens to it. Metro's chief executive reportedly travelled to meet Putin's economic adviser to discuss the request. The source described the step as risky, but said an amicable arrangement, including a sale on more favourable terms, always remains possible. The only unknown is what the Kremlin may ask in return.
The decree and the temporary manager
On 28 September, Putin signed a decree placing Metro's assets under temporary management. The company had stayed in Russia after the start of the full-scale invasion of Ukraine. The joint-stock company UK Torg Rus was named temporary manager. It was registered on 8 September, three weeks before the decree. Its sole owner is Johannes Tholey, who has led Metro Cash & Carry, the company's Russian business, since 2023.
Message to Europe
Placing the Russian assets of several large Western companies under temporary management is meant to make European countries think about the measures they take and the sanctions they introduce, a senior Russian government source told Reuters. Asked which companies might be next, the source replied: "Let them be scared."
