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Food and beverage company Goodman Fielder Ltd (ASX:GFF) will scrap its proposed deal with Cargill, following a further rejection by Australian regulators.

In December 2009 both companies entered into an agreement for Cargill to acquire Goodman's edible fats and oils business for $240 million.

However Goodman says The Australian Competition and Consumer Commission has continued to oppose the divestment, and as a result Goodman will now formally terminate the agreement.

In March Goodman warned the deal may not get the green light, and as a result the company says it will now continue to develop and restructure the business to maximise profitability.

Goodman Fielder posted a profit $165.8 million in the year to 30 June 2010.