Cargill has pulled out of the race to buy the edible fats and oils business of Australian food company Goodman Fielder.

The US agribusiness giant told just-food it had withdrawn its bid due to “concerns raised in the market”. The decision is the latest twist in the potential sale of the Goodman Fielder unit. In May, Cargill made its second attempt to buy the business after regulators turned down an initial move two years ago.

Cargill said it remained “confident” its existing fats and oils business could “provide value” to customers in Australia and New Zealand.

“Despite this decision, Cargill remains well placed and fully committed to serve our customers in Australia and New Zealand,” a spokesperson for Cargill’s business in Australia and New Zealand said. “We are confident that with our advanced fats and oils technologies, broad portfolio of food ingredients and application expertise, we will continue to provide value to our customers in the region and enable sustained profitable growth of our food ingredients business.”