Casino has shelved the combination talks with Teract. However, the conciliation talks are proceeding according to schedule. Moreover, the promotors of Teract have announced the setting up of a €300m investment vehicle (named 3F), also aiming to raise c.€1bn from Casino creditors / other stakeholders. It implies that the trio is planning to launch a counter-offer for Casino. While it is good news for Casino’s valuation, the risk of equity dilution is now substantial.