Using m2e plugin in a Dynamic Web Project

Question

I have an existing Dynamic Web Project in Eclipse Indigo and the m2e plugin installed. In another version of my eclipse setup that I dont quite remember (my hdd crashed) I could just right click on the project -> Maven -> Enable Dependency Management.

This menu is gone for my Dynamic Web Project in my current eclipse version. Whats the way to go now? I tried right click on the project folder -> configure -> convert to maven project but that fails with errors.