The J.M. Smucker Co. has called off its proposed acquisition of Wesson oil after the Federal Trade Commission said the deal would “reduce competition” and “tend to create a monopoly.”

The FTC announced its opposition Monday and said it would take the matter to an administrative trial in August.

Orrville-based Smucker already owns Crisco brand oils. Last May, it agreed to buy the Wesson oil branch from Chicago-based Conagra Brands in a transaction valued at about $285 million.

In a news release, the FTC said “Smucker currently owns the Crisco brand, and by acquiring the Wesson brand, it would control at least 70 percent of the market for branded canola and vegetable oils sold to grocery stores and other retailers.”

“While we disagree with the FTC’s conclusion, we have mutually determined with Conagra that it is not in the best interest of either party to expend the anticipated significant additional time and resources to challenge the FTC’s administrative complaint,” Mark Smucker, the company’s chief executive officer, said in a news release.

“We believe the FTC underestimated the significant role that private label brands play in the oils category, which account for approximately 50 percent of all cooking oil sales and hold significantly higher market share at some retailers.”

The FTC voted 2-0 to oppose the deal. Typically, the panel is headed by five commissioners; by law, no more than three can be from the same political party. President Donald Trump has been slow to fill vacancies on the board since taking office in January 2017.

A slate of four appointees to the panel — three Republicans and one Democrat — awaits confirmation by the full U.S. Senate after the Commerce Committee approved the nominations Feb. 28. The two current commissioners were appointed by President Barack Obama.

The term of Republican Maureen Ohlhausen, the acting chairwoman, expires in September. The term of Democrat Terrell McSweeny expired last September, but she agreed to remain until the confirmation of a replacement.

Trump has moved aggressively to cut back on government regulations, weakening the Consumer Financial Protection Bureau among other steps. It remains to be seen how a Trump-appointed FTC will view such acquisitions.

The current panel continues to exercise its broad powers as a watchdog for commerce and consumer protections.

“Cooks across the U.S. benefit from the competition between the staple brands Wesson and Crisco. We are taking this action to preserve the benefits of that competition,” said Ian Conner, deputy director of the Bureau of Competition, in a statement. “After attempted price increases by each brand over the last two years were limited by intense competition from the other, this transaction eliminates that restraint and would allow Smucker to raise prices on both brands.”