Cargill has pulled out of the bidding for Dutch animal feed group Nutreco, the American commodities group said in a short statement on Monday.

‘In reaching this decision, Cargill considered all relevant facts, including the attractiveness of acquiring Nutreco relative to alternative potential investments,’ the company said.

Nutreco shareholders had urged the company earlier to open its books for Cargill, but the company refused, saying there was no concrete bid on the table.

Cargill’s withdrawal clears the way for Dutch private equity group SHV which has built up a stake of 15% in the company.

SHV is now offering €44.50 a share for Nutreco, valuing the company at some €3bn, the Financieele Dagblad says.