Samsung pulls plan to buy SanDisk

New York, Oct 21 - Samsung Electronics said it has abandoned its effort to buy SanDisk Corp.

Samsung cited what it called "growing uncertainties" in SanDisk's business.

In current economic conditions, it said SanDisk's profitability may deteriorate further.

Specifically, the Seoul, South Korea-based electronics company mentioned SanDisk's "surprise announcements of a quarter billion dollar operating loss," its "hurried renegotiation" of its relationship with Toshiba and major job losses.

Samsung had been offering to pay $26 per share for SanDisk.

SanDisk develops, manufactures and markets NAND-based flash storage card products that are used in consumer electronics products. The company is located in Milpitas, Calif.

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