The value of BBA Aviation fell as much as 4.1% as talks to combine with Dubai Aerospace Enterprise (DAE) Ltd came to an end. When BBA announced the merger talks on August 26, its shares had increased to 3.8%. As news of the failed talks broke today, however, BBA shares traded at 1.7% lower, putting the value of the biggest business jet provider in the world at GBP 1.5 billion or USD 2.4 billion. BBA did not give any reason why the talks had ended.

In a statement, Dubai Aerospace Enterprise confirmed that talks had ceased. The deal would have allowed DAE to own a large stake in BBA. Bloomberg reported that the Dubai-based firm had abandoned most of its plans to buy aircrafts after it got hit by the economic recession worldwide.

Last month, the Sunday Times reported that BBA was talking with Standard Aero, its competitor in the US, for a possible acquisition. DAE owns Standard Aero, an engine repair and maintenance business company in Arizona.