UPDATE 1-Mexico's Lala could seal Vigor purchase on Thursday

(Adds deal details, context)

SAO PAULO, Aug 1 (Reuters) - The board of Mexican dairy producer Grupo Lala SAB de CV will decide on Aug. 3 on a bid to buy control of Vigor Alimentos SA, after a commitment to buy the Brazilian producer of yogurt and fresh cheese was reached earlier on Tuesday.

Lala said in a statement that a proposal to acquire Vigor from investment holding company J&F Investimentos SA, including a borrowing plan and a potential share offering, will be submitted to discussion at the board.

São Paulo-based J&F and Vigor did not have an immediate comment. Reuters reported on Monday that Lala's bid valued Vigor at 5.7 billion reais ($1.8 billion).

In the statement, Lala said it aims to acquire 100 percent of Vigor and a 50 percent stake Vigor owns in subsidiary Itambé Alimentos SA. The rest of Itambé is owned by a cooperative, that is not selling its stake.

Lala's bid was the highest among a group of strategic investors interested in Vigor, which included France's Groupe Lactalis SA and Danone SA, as Reuters reported on June 13

Vigor, founded a century ago, has 7,600 employees and 14 plants in Brazil. If the board approves the deal, Lala will hold a conference call with investors on Friday.

Vigor is J&F's second divestiture since it was slammed a record-setting leniency fine related to a massive corruption scandal in Brazil. J&F is the holding company overseeing the fortune of Brazil's billionaire Batista family.

On July 12, J&F concluded the sale of flip-flop maker Alpargatas SA to the investment firm of Brazil's most prominent banking families for 3.5 billion reais.

Proceeds from the sale will help not only J&F to pay its debts and part of the 10.3 billion-real fine, but also reinforce JBS coffers. JBS holds a 20 percent stake in Vigor, with J&F holding the remaining stake. (Reporting by Tatiana Bautzer and Guillermo Parra-Bernal; editing by Chris Reese and Grant McCool)