Qantas Airways will drop its A$611 million ($387 million) plan to buy out charter flight operator Alliance Aviation Services, 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 attempted takeover of Alliance was never going to be an easy endeavour given the stance of the ACCC on the matter," said Tim Waterer, chief market analyst at KCM Trade.