(MENAFN) Samsung Group called off a plan to merge its shipbuilding and engineering units as more-than-expected shareholders were opposed to the plan, Xinhua reported.
Samsung Heavy Industries, the world's third-largest shipbuilder, should have bought back USD840 million worth of shares from shareholders opposed to the merger.
Investors of Samsung Engineering, the engineering unit, asked the company to buy back USD642.02 million worth of stocks as they were opposed to the combined entity.
Samsung Heavy and Samsung Engineering said in a Sept. 1 statement that it would scrap the merger should the buybacks top USD863.55 million and USD372.69 million, respectively.
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