A board meeting is due to be held later this month to discuss how to go about fence-mending with UK investors. One LucasVarity board member said: "Clearly there are relationship issues between the company and its shareholders in the UK that have to be addressed."
The move to the US was blocked after a group of UK institutions holding 15 per cent of LucasVarity shares, led by Schroders, voted against the board. Other dissenting institutions were Legal & General, Standard Life, Norwich Union and Prudential.
LucasVarity insists that the position of Victor Rice, its chief executive and the main architect of the plan, is not under threat.