Hyundai Motor Group has withdrawn a corporate restructuring plan centering on the merger of its two affiliates amid opposition from its investors, including U.S. hedge fund Elliott Management. 

Hyundai Mobis said on Monday that it will stop the merger with Hyundai Glovis and cancel a temporary shareholder meeting intended to discuss the matter on Tuesday of next week. 

The company said the decision was made because of “uncertainty” about whether it can gain shareholders’ approval on the plan given opposition from some investors. 

After prudent reviews and discussions, it will reconsider the issue, including how the current merger plan can be improved. 

Hyundai Glovis also informed the Financial Services Commission(FSC) and the public of the decision citing similar reasons.