Stocks

Oct 11Legal & RegulatoryStocks

Carf upholds tax claims against Whirlpool over offshore subsidiary profits

The Administrative Council of Tax Appeals (Carf), Brazil's tax administrative court, upheld corporate income tax (IRPJ) and social contribution (CSLL) assessments against Whirlpool S.A. through a casting vote. The tax authority rejected Whirlpool's exclusion of profits earned by Argentine subsidiaries from its taxable income base before actual dividend distribution to Brazil.

• Carf decided by casting vote to keep IRPJ and CSLL assessments against Whirlpool S.A.
• Whirlpool sought to defer taxes on Argentine subsidiary profits until dividend distribution to Brazil.

Sources:JOTA (regulatório e tributário)

Oct 11Consumo CíclicoStocks

Flávio Bolsonaro leads first round over Lula as Brazilian markets record historical weekly gain

Senator Flávio Bolsonaro led President Luiz Inácio Lula da Silva by 2.2 million votes in the first presidential election round on October 4, pushing the Ibovespa index up 8.82% over the week to a record high of 209,066.90 points as the US dollar fell 0.44% to R$ 4.9851. JPMorgan and Morgan Stanley upgraded Brazilian equities to overweight ahead of the October 25 runoff, while Datafolha showed Flávio with 49% to Lula's 45% and AtlasIntel/Bloomberg placed Flávio at 51.1% against 45.7% for Lula.

• Flávio Bolsonaro opened a 2.2 million vote lead over President Luiz Inácio Lula da Silva on October 4.
• Ibovespa accumulated an 8.82% weekly gain to close at a record 209,066.90 points as the dollar fell to R$ 4.9851.
• Runoff polls showed Flávio leading at 49% in Datafolha and 51.1% in AtlasIntel/Bloomberg before the October 25 vote.

Sources:Money TimesExame

Oct 11Official filingB3 FilingStocks

Cagece launches R$6.3bn sewage concession tender for 104 Ceará cities

Companhia de Água e Esgoto do Ceará (Cagece) published an international tender notice on October 9, 2026, for an administrative concession covering sanitation services across 104 municipalities in Ceará, according to a filing with the CVM, Brazil's securities regulator. The project targets an estimated R$ 6.3 billion in investments, with bid submissions set for December 10 at the B3 stock exchange and the auction scheduled for December 16.

• Cagece launched an international tender notice for sewage concession in 104 Ceará municipalities, with planned investments of R$ 6.3 billion.
• Bidders must submit proposals on December 10 at B3 in São Paulo, ahead of the bidding session scheduled for December 16.

Sources:CVM - Documentos IPE (PDF)

Oct 11Macro & Fiscal PolicyTechStocks

Bradesco Asset builds proprietary AI to read central bank statements

Bradesco Asset Chief Executive Officer Bruno Funchal announced its proprietary Hawk-Dove AI tool automates tone analysis of communications from the Banco Central, Brazil's central bank, and the Federal Reserve. The asset manager developed its internal innovation unit in 2022 and earned a global award from Global Finance for the tool, which is available on Bloomberg.

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• Global Finance awarded Bradesco Asset for Best Innovation in Artificial Intelligence.
• The asset manager established its internal innovation unit in 2022 ahead of market adoption.

Sources:InfoMoney

Oct 11Utilidade PúblicaStocks

Itaú BBA revises power transmission targets ahead of upcoming concessions

Itaú BBA raised 2027 price targets for Brazilian transmitters Alupar, ISA Energia, and Taesa as Aneel, Brazil's electricity regulator, prepares Auction 4/2026 with R$ 8.9 billion in investments. State planning agency EPE projects a further R$ 19 billion in projects following an expected record year of auctions in 2027.

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• Aneel Auction 4/2026 involves eight lots with permitted annual revenue of R$ 1.63 billion.
• Energy planning agency EPE estimates R$ 19 billion in future transmission projects.

Sources:Seu Dinheiro

Oct 11Materiais BásicosStocks

Vale penalizes former board member Marcelo Gasparino over leak of internal files

Mining company Vale notified former board vice chairman Marcelo Gasparino that it will pursue criminal and legal actions after an audit confirmed he intentionally leaked non-public documents to a market analyst. Gasparino resigned on July 27 after the board sought his removal on June 19, while CVM, Brazil's securities regulator, opened an administrative proceeding into his actions.

• Gasparino admitted in his resignation letter to forwarding board draft votes to an analyst.
• CVM initiated an administrative proceeding to investigate the conduct of the former director.

Sources:Money TimesValor Econômico

Oct 11FinanceiroTechStocks

National holiday halts physical banking, public services and stock trading

Commercial bank branches, INSS social security offices, and B3, Brazil's stock exchange, will suspend operations on Monday, October 12, for the Nossa Senhora Aparecida holiday. Digital banking platforms and the central bank's Pix instant payment system will run continuously, with regular trading and branch services resuming on Tuesday, October 13.

• The B3 stock market will halt equity and private fixed income settlement on October 12.
• INSS physical branches close Monday while digital channels remain operational.

Sources:Money TimesSeu Dinheiro

Oct 11FinanceiroStocks

BTG Pactual and China Southern partner to introduce cross-border ETFs

BTG Pactual Asset Management, which holds R$ 743 billion in assets under management, signed a memorandum of understanding with China Southern Asset Management to launch cross-border funds between Brazil and China. Under the agreement, BTG will offer a B3-listed fund tracking Chinese shares, while China Southern will launch a local vehicle tracking Brazilian equities.

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• BTG Asset Management ranks as Brazil's fourth-largest asset manager with R$ 743 billion.
• China Southern managed $402 billion in assets as of December.

Sources:O Globo (Economia)Exame

Oct 11B3 FilingStocks

Amec warns CVM decision making ESG reports voluntary will fragment disclosures

Fábio Coelho, president of Amec, Brazil's capital markets investors association, criticized CVM, Brazil's securities regulator, for replacing mandatory ISSB sustainability reporting with a voluntary comply-or-explain framework starting in 2027 under Resolution 244. Speaking at an Ibracon event, Coelho warned that rising economic costs will lead companies to withhold ESG data.

• CVM Resolution 244 revoked mandatory adoption of ISSB standards previously set for 2026.
• Companies opting not to file reports after 2027 must justify their decision in market notices.

Sources:Valor Econômico

Oct 10Official filingCapital Markets & M&AStocksM&A

BlackRock raises Gerdau preferred stake to 10.025%

Investment manager BlackRock raised its shareholding in preferred shares of Brazilian steelmaker Gerdau, according to a filing sent to CVM, Brazil's securities regulator. Gerdau received the formal notice on October 8, 2026.

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• On October 6, 2026, BlackRock raised its stake in Gerdau S.A. to 126,422,405 preferred shares, representing 10.025% of all preferred shares issued by the company.
• The holdings comprise 114,199,018 direct shares and 12,223,387 ADRs, alongside 3,919,122 cash-settled derivatives representing 0.311% of preferred shares.
• BlackRock informed the CVM, Brazil's securities regulator, that the stake is for investment only, with no agreement modifying control or voting rights.

Sources:CVM - Documentos IPE (PDF)

Oct 10Official filingCapital Markets & M&AStocksM&A

Arandu Partners launches tender offer to delist Arandu Investimentos

Controlling shareholder Arandu Partners Holding launched a public tender offer on October 9, 2026, to acquire up to all remaining common shares of Arandu Investimentos. The transaction aims to cancel Arandu Investimentos' public company registration and exit B3's Novo Mercado segment, per disclosures filed with CVM, Brazil's securities regulator.

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• Arandu Partners Holding launched a tender offer to acquire up to all remaining common shares of Arandu Investimentos, aiming for deregistration and exit from Novo Mercado.
• The tender offer auction will take place on October 29, 2026, with Terra Investimentos serving as the intermediary institution and guarantor.

Sources:CVM - Documentos IPE (PDF)

Oct 10Official filingCapital Markets & M&AStocksM&A

BlackRock builds 5.005% stake in Brazil's Copasa MG

BlackRock acquired common shares in sanitation utility Copasa MG, reaching 19,032,687 common shares on October 6, 2026. The holding represents 5.005% of total common shares, alongside 71,001 equity derivative instruments equal to 0.019% of common shares, according to a filing with CVM, Brazil's securities regulator.

• On Oct 6, 2026, BlackRock increased its holding in Copasa MG to 19,032,687 common shares, representing approximately 5.005% of the total common shares issued by the company.
• BlackRock also holds 71,001 cash-settled derivative instruments referenced to common shares, representing about 0.019% of Copasa MG's common shares.
• BlackRock stated the holding is strictly for investment purposes, with no intention to alter corporate control, according to a notice to CVM, Brazil's securities regulator.

Sources:CVM - Documentos IPE (PDF)