Companhia Brasileira de Distribuição, GPA (PCAR3), entered into an agreement on Friday, November 13, 2026, with Grupo Casas Bahia (GCB), which is in judicial reorganization, to definitively settle the outstanding matters and disputes arising from the Association Agreement of December 4, 2009. As a result, GPA's obligation to reimburse GCB for tax contingencies of R$ 424 mn was extinguished. GPA has provisions of R$ 174 mn against this amount, which will be reversed in 4Q26.
GPA will remain responsible for the tax installment payments related to the Association Agreement. The company will also reimburse expenses for guarantees and for the handling of proceedings related to the agreement incurred in the past.
GPA's right to reimbursement for GCB's tax credits of R$ 708 mn, tied to the exclusion of ICMS from the PIS and COFINS calculation base, was also extinguished. Receipt depended on utilization and approval, with a start expected in 2036, and the asset had been classified as subject to the reorganization (concursal) in GCB's judicial reorganization plan. For this reason, GPA had already recorded a full impairment (accounting write-off) of this asset in 3Q26.
The parties assumed reciprocal commitments of cooperation and non-litigation regarding the matters covered by the agreement. According to GPA, the transaction resolves another structural liability of the company.
Is PCAR3 worth investing in?
- Price
- R$ 2.39
- as of 11/12/2026
- Dividend yield
- 0.00 %
- P/L
- N/A
- P/VPA
- N/A
