Consumer-goods company Unilever has called for changes to UK takeover regulations, after it rejected a surprise takeover proposal of $143 billion from Kraft Heinz last month.
The Financial Times reported that the company wanted the government to 'take steps to safeguard national corporate champions' through revisions to the UK takeover code.
Unilever said that companies should be given more time than the current 28-day deadline to defend themselves from such bids, and that the code should be changed to favour the interests of stakeholders over shareholders.
Chief executive Paul Polman told the publication on 14 March, "We’re not talking about protection. We are saying that when you have a situation like this, with a national champion, there should be a level playing field."
The company said that in the Netherlands, where it is also listed, there is a stronger stakeholder-interest test, whereas in the UK, company boards have a 'fiduciary duty' to stakeholders.
Such changes, which officials such as former business secretary Sir Vince Cable have also championed, could prevent a 'string of currency-induced takeovers' from Brexit's effect on sterling, the publication said.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.
