According to Maeil Business Newspaper reported Monday, citing securities and information-technology industry officials, Samsung Electronics and Osram AG have scrapped earlier plan to set up a joint venture to develop LED technology.

"Manager-level officials here had considered the joint venture issue after a financial firm has suggested, but we stopped the discussion at an initial stage," an official at Samsung Electronics, was quoted as saying. "We have cross license contract with Osram, so will maintain good relationship with it."

Early in August, the two companies agreed to settle all of their ongoing patent suits globally, and signed a separate pact to collaborate on developing LED technology.

Samsung Electronics and Osram's Korea office were not immediately available for comments.