(Updates with details and background)
Oct 19 (Reuters) - Qantas Airways (QAN) will drop its A$611 million ($387 million) plan to buy out charter flight operator Alliance Aviation Services (AQZ) , the companies said on Thursday, months after Australia's competition regulator blocked the deal.
The Australian Competition and Consumer Commission (ACCC) had in April denied authorisation for the acquisition saying the deal was likely to push prices up and service quality down.
The two firms, however, believe the buyout would have beefed up customer value without negatively affecting competition in the resources sector, Qantas and Alliance said in a joint statement on Thursday.
"There is no reasonable path forward for the deal at present," the companies said.
The country's flag carrier will retain a near 20% stake in Alliance and will continue its long-standing deal that sees the smaller carrier operate up to 30 E190s aircraft for Qantas.
($1 = 1.5785 Australian dollars)
News: AQZ UPDATE 1-Australia's Qantas drops buyout plan of mining charter operator Alliance...
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