South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has decided to abort its plan to acquire a domestic machinery maker, Seatrade Asia online reports.
The plan to acquire Daekyung Machinery & Engineering was ditched due to issues over the price, DSME announced in a regulatory filing.
“We submitted letter of intent to acquire Korean boiler maker Daekyung Machinery & Engineering on 14 November 2011, however, amid domestic and overseas uncertainties over management condition and difficulties in agreement of the price, we have decided to discontinue the acquisition process,” DSME said.
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