Abu Dhabi Aviation (BAR, Abu Dhabi International) has abandoned plans to acquire Falcon Aviation Services (FVS, Abu Dhabi Bateen) after the two sides failed to reach an agreement on an acquisition value.

After signing a letter of intent to acquire 100% of FAS's shares in April this year, Abu Dhabi Aviation then sent FAS a written acquisition offer in early September.

However, it then deferred to a vote in late October to November 1 at which time the decision to walk away was taken during a board meeting, a stock exchange disclosure said.

Abu Dhabi Aviation had planned to use FAS's facilities to expand its role as a specialist aircraft operator as well as maintenance services provider.