Top portal operator Naver has officially withdrawn its intent to take over eBay Korea, the South Korean unit of e-commerce giant eBay. 

Naver said Tuesday that it had considered acquiring the unit as part of efforts to boost business competitiveness but decided to drop out of the proceedings. 

As a result, Shinsegae's Emart will, on its own, pursue efforts to acquire eBay Korea. Initially, Naver had pursued the acquisition with Shinsegae through the creation of a consortium. 

The company apparently withdrew from the acquisition process after negotiations on conditions for the takeover took longer than initially expected.