Two private equity groups that have been considering possible bids for Novera Energy, the landfill gas and wind farm company, have both walked away from a deal, leaving them with substantial minority shareholdings.

The Takeover Panel had on May 8 set Terra Firma and 3i a deadline of 5pm June 2 to clarify their intentions towards Novera. Shortly before that deadline, 3i said it would not be bidding and shortly after it Terra Firma followed suit.