"Foreign takeovers can often be hugely helpful and I have no doctrinal preoccupations - I've done enough takeovers of small businesses myself to know how valuable they can be," he said in an interview broadcast on the BBC Radio 4 programme this morning.
"But the important point is that every other advanced economy has mechanisms of some sort on a failsafe basis to scrutinise foreign takeovers and we're the only country that doesn't."
Lord Heseltine will be speaking at MT Live 2014, Management Today’s inaugural business conference taking place on Wednesday, 25 June 2014 at 200 Aldersgate, St Paul’s, London EC1A 4HD.
Other speakers at MT Live 2014 include Sainsbury’s chief executive Justin King, Facebook’s European boss Nicola Mendelsohn, entrepreneur Luke Johnson and former Diageo head Paul Walsh. You can book your ticket here.