SAO PAULO, Aug 9 (Reuters) – Belgium’s Ontex Group NV (ONTEX.BR) is shut to providing its business enterprise in Brazil to conglomerate J&F Investimentos, as a result of its device Flora, Brazilian newspaper Valor Economico described on Tuesday.

In accordance to the paper, Flora, the hygiene and cleansing merchandise device of J&F, shipped the optimum proposal to the Belgian diaper maker, which obtained the business in Brazil from regional rival Hypera (Hype3.SA) in 2017.

But the paper does not specify the bid worth, saying that proposals from other firms ended up all around 500 million reais ($97 million) and that Ontex predicted to get all-around 650 million reais.

J&F declined to remark. Ontex did not straight away reply to a ask for for comment.

Ontex paid $319 million for the business in 2017. But the organization obtained 81 million euros again past calendar year in an arbitration in opposition to Hypera.

($1 = 5.1315 reais)

Reporting by Tatiana Bautzer

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