Exxon Mobil and Royal Dutch Shell have abandoned the planned £1.5bn-£2bn sale of Infineum, their oil additives joint venture, after private equity bids came in below their target price.

TPG Capital, Cinven, the Carlyle Group and Kohlberg Kravis Roberts were among the buy-out groups thought to be interested in bidding for the company, which was put up for sale earlier this year.