* Pao de Acucar, Casas Bahia had suspended integration
* Accord includes capital injection, Estado says
* Announcement of combination to be made early on Friday
SAO PAULO, July 2 (Reuters) - Brazil’s largest retail group Grupo Pao de Acucar PCAR5.SA and rival Casas Bahia will combine their businesses after agreeing to revamp terms of an original integration accord, O Estado de S. Paulo reported on Friday, citing people familiar with the situation.
Under the new accord, the Klein family, Casas Bahia’s owners, would receive more cash annually for ceding part of their assets to the combined firm, and be allowed to exit the company in a shorter period and under better terms than originally agreed upon, Estado said in the report.
An announcement is expected early on Friday, the newspaper added.
The Kleins suspended the plan, under which Pao de Acucar would take over Casas Bahia in a transaction worth more than 4.4 billion reais ($2.4 billion) in March, after alleging their assets had been undervalued in the deal.
Pao de Acucar would inject between 700 million reais and 800 million reais in fresh capital into a new company, called Nova Casas Bahia, that would turn into the group’s home appliances retailing unit, Estado said., The unit would be presided over by one member of the Klein family who would have to report to Pao de Acucar’s board, the newspaper added.
The revamped accord would render the Kleins an additional 200 million reais payout outright, the newspaper said.
Calls made by Reuters to spokespeople for the two companies seeking comment on the Estado report were not returned. ($1=1.80 reais) (Reporting by Guillermo Parra-Bernal, editing by Gerald E. McCormick)