Listed food company Goodman Fielder has shelved plans to sell its edible oil and fats business to Australian rival Cargill.
The Australian Competition and Consumer Commission (ACCC) said it opposed the $A240 million sale because it believes the deal would lessen competition in the oil and fats refining market.
Goodman Fielder says the sale agreement that's been in place since December has now been terminated.
The listed firm says it expected the ACCC's decision, so has been working to substantially restructure the business, and it will release more details at its annual meeting later this month.
Shares in Goodman Fielder have fallen five cents to $1.95.