LONDON (AP) _ Associated British Foods PLC says it is going ahead with a $1.24 billion takeover bid for S. & W. Berisford PLC after the target company rejected the offer.

Associated, a bakery products concern that already owns 23.7 percent of Berisford, a British commodity and sugar company, made its offer Thursday. Berisford rejected it the same day.

Associated said it was primarily interested in Berisford's British Sugar PLC subsidiary, which controls nearly 60 percent of Britain's sugar market.

Berisford's other operations include commodity trading, financial services, property development and industrial services and processing.

''We see no evidence that Associated British Foods has any contribution to make to the future growth of our businesses. The offer does not begin to reflect the many strengths and prospects of Berisford ...,'' said Berisford Chairman Ephraim Margulies.

Associated offered 400 pence a share in cash for Berisford's outstanding shares, or a total of 767 million pounds, or the equivalent of $1.24 billion.