Australian food manufacturer Goodman Fielder has terminated the sale of its edible fats and oils division to Cargill after regulators opposed the deal.

The Australian Competition and Consumer Commission (ACCC) said in March that it planned to oppose the A$240m (US$238.5m) sale as it would lead to a “significant concentration of refining assets in Australia”.

The ACCC said a deal would also remove “one of only a small number of competing refiners that offer a wide range of fats and oils products”.

Goodman Fielder announced today (12 November) that, despite further submissions to the ACCC, the regulator still intends to oppose the transaction and that the two companies have decided to formally terminate the sale agreement.

Goodman Fielder insisted it had anticipated the decision and has moved to “develop and substantially restructure the business to maximise profitability”.