Delphi Corp. says it is postponing a $300 million offering of its preferred stock because it says former parent General Motors Corp. sapped market demand with its own $17.6 billion offering.

A Delphi spokeswoman tells Reuters the enormity of GM’s debt offering, which the auto maker hopes will replenish its under-funded U.S. pension plan, reduced market capacity to absorb any other offering.

Delphi says it now will offer its stock in the third quarter. Delphi is hoping the $300 million offering will go towards its own under-funded U.S. pension plan.