Korea Development Bank (KDB) played a central role in the proposed deal, as DSME's largest shareholder and STX Group's largest creditor.
DSME was eyeing up a 66% stake in STX France, as KDP looks to restructure the STX Group by disposing of STX France and STX Finland.
At a press conference, Sung-Leep stated: “For now the file on STX France acquisition has been closed, we judged that this is not the time to consider a takeover.”
Any move would have been against resistance from labour unions, and backed by DSME's limited liquidity reserves.
Sung-Leep, former president and ceo of STX Offshore and Shipbuilding, stated that STX France was a stable company with a good outlook.
DSME is still looking to expand into the cruise ship building business, but the company did not believe this to be the right time.
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