ThyssenKrupp, the parent company of Blohm Voss, has canceled the planned sale of the superyacht shipyard to Abu Dhabi MAR Group.

In a statement, ThyssenKrupp explains that despite “amicable talks” over the past two years, “Both parties believe that the commercial drivers for the transaction have weakened to a point that opportunities previously identified are no longer commercially viable.”

In October 2009, ThyssenKrupp announced it would sell an 80 per cent stake in Blohm & Voss to Abu Dhabi MAR Group. The company stated that the financial crisis “created a need for decisive action in the civil shipbuilding area