Private investment fund Remus Horizons has pulled out of a takeover attempt of Australian junior Far Ltd, which would have seen it gain a stake in the Sangomar oilfield development off Senegal.

It was revealed last week that Remus had notified Far of its intention to launch a A$209.6 million (US$161.7 million) takeover offer, conditional on Far not proceeding with the sale of its stake in the Sangomar development to operator Woodside.

This saw Far’s shareholders vote to postpone a separate vote at a meeting last week to sanction the sale of its interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) project so the company could consider the merits of the Remus offer.