SEOUL, May 21 (Reuters) - The board of South Korea’s Hyundai Mobis Co Ltd has dropped its current plan to spin off part of its business and combine it with Hyundai Glovis , a person with direct knowledge of the matter told Reuters on Monday.
The company also cancelled a May 29 shareholders’ meeting to vote on the proposed spin-off merger, said the source, who declined to be identified as he was not authorised to speak to the media.
A Hyundai spokeswoman did not immediately provide a comment. (Reporting by Hyunjoo Jin Writing by Joyce Lee Editing by Darren Schuettler)
Our Standards: The Thomson Reuters Trust Principles.