As expected, Casino has released the details of the equity investment proposals from 3F Holding and EP Global Commerce/Fimalac. The offer from 3F factors in a larger role for creditors as compared to the Kretinsky-led consortium. The offer from EP/Fimalac looks more attractive in terms of Casino’s financial health. The stock’s trading was suspended yesterday at the company’s request. We expect our new valuation to decline below €1 per share.