Unilever is reviewing its media and advertising spending and could take a £281m marketing contract away from advertising giant WPP, according to the Daily Mail.

The consumer goods giant, which spends £2.5bn a year advertising its products, has launched a review of the media planning and buying service offered by agencies WPP, Omnicom and Interpublic.

Sources say Unilever is close to announcing it is replacing WPP's Mindshare agency for its crucial mainland China account, while the Pot Noodle maker is also reviewing key markets such as the UK, Russia, India and the US.

“Unilever has undergone significant change over the last four or five years and this review gives us the opportunity to find the optimum solutions for our business,” said Unilever's head of global media Laura Klauberg.

“As dramatic changes in the media landscape reshape our communications needs, we are continuing to evaluate the service and capabilities of our media agency partners across all disciplines.”

The review is the latest change instigated by chief executive Paul Polman since his arrival almost 12 months ago.

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