Unilever boss Paul Polman is urging the government to bolster the UK rules relating to takeover bids, saying that companies should be given more time to defend their position in the event of an approach.

Speaking with the Financial Times recently, Polman said “there needed to be a level playing field” and the government should look after “national treasures”, referring to companies such as Unilever. 

His comments follow the failed takeover bid from Kraft Heinz earlier this year when Unilever fought off the US$143 billion approach. Kraft Heinz withdraw its bid just two days after the approach became public and Unilever’s opposition to engage in discussions. 

Currently, a company has 28 days to prepare a defense before a business returns with a firm offer, under the UK Takeover Code. This regulation was altered in 2011 by the body which governs mergers and acquisitions, called the Takeover Panel and if often referred to as the “put up or shut up rule”. 

The British government does not have the power to step in under the present law, except when a possible takeover deal poses a threat to national security, media plurality and ownership and financial stability. 

Following the attempted takeover bid from the US giant Unilever announced it was conducting a “comprehensive review of options available to accelerate delivery of value for the benefit of our shareholders.”

This was prompted by the Kraft Heinz takeover bid and, according to Unilever, “highlighted the need to capture more quickly the value we see in Unilever.”

The review is expected to be completed in April.