10:15 AM EDT, 05/16/2024 (MT Newswires) -- Tredegar ( TG ) said Thursday that Brazilian regulators have recommended rejection of the proposed sale of its flexible packaging films business Terphane to Oben Group.

Tredegar ( TG ) said in September last year that it had agreed to sell the unit for about $116 million.

Tredegar ( TG ) said the decision by Brazil's antitrust watchdog CADE will move the matter to the CADE Tribunal, which will make the final decision after conducting an independent assessment.

CADE is expected to reach a final decision no later than Nov. 18, Tredegar ( TG ) said.

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