Nov. 26 (Bloomberg) -- European Union antitrust regulators dropped their investigation of BHP Billiton Ltd.’s yearlong pursuit of Rio Tinto Group, which would have been the biggest hostile takeover.

The European Commission in Brussels said it is “satisfied that the planned transaction has effectively been abandoned and will not proceed.” BHP withdrew its notification after abandoning the proposed deal yesterday, the commission said.

To contact the reporter on this story: Jeff St.Onge in London at Mnewman6@bloomberg.net.

Last Updated: November 26, 2008 13:12 EST