Cargill Inc. has told the Australian government it has dropped plans to acquire Goodman Fielder's edible fats and oils business, government officials said Monday.
Cargill, based in Minnetonka, had sought antitrust clearance from Australian regulators to buy the business.
The company previously tried to buy the Goodman Fielder assets for $240 million, but the deal was blocked in 2010 by Australian regulators after 11 months of consideration.
Cargill's interest in renewing the acquisition effort was made public in May, and at the time the Australian Competition and Consumer Commission said it was "considering the proposed acquisition in light of the current competitive environment and any developments in the relevant markets." A commission decision had been expected this month.
Cargill said in May that it considered the Goodman Fielder edible fats and oil business a useful addition to its growth plans in Australia, but offered no details.