Unrest grows over Lucas move to US
Saturday 10 October 1998
The decision to see the UK institutions came as the company rebutted a sharp attack on the move by Sir Brian Pearse, former chairman. The group, formed in 1996 by the merger of Lucas Industries and Varity of the US, said Sir Brian had agreed to the move in April when he was still chairman.
Management is likely to be given a hostile reception by major UK shareholders, including Schroders, Mercury Asset Management, Prudential and Legal & General.
The institutions were caught off guard by the announcement last month that LucasVarity would move its headquarters from London to Buffalo and its primary listing to Wall Street. The company said the move would allow it to compete more effectively with US-based rivals. It said the majority of its shareholders were now American.
The UK shareholders, led by the Association of British Insurers (ABI), fear the move may harm their investments.
- 1 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 2 Greggs Google fail: bakery falls afoul of search engine's algorithms with 'unofficial' logo
- 3 Is this the end of apps? New research says a third of us don't bother to download
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...