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Hyundai Mobis drops proposed spin-off plan - source

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)

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