Overview

• Assaí filed a precautionary action on September 23 in São Paulo seeking to block Casino’s remaining shares in GPA or require any sale proceeds to be deposited in court.
• The company also asked the court to compel GPA to provide adequate financial guarantees to cover debts under dispute.
• Receita Federal and the PGFN have moved to include Assaí as jointly liable for GPA tax contingencies, including an administrative recognition process of roughly R$36 million.
• Assaí cites the 2020 spin-off agreement that each company would bear only its own pre-division liabilities, while noting Brazilian corporate law may impose solidarity up to the value of assets transferred.
• Assaí reports no operational or financial impact to date, and points to Casino’s asset sales and a €210 million first-half 2025 loss as reasons to secure value given the French group’s roughly 22.5% stake in GPA.