Oddo BHF maintains its underperform rating on Casino shares, with an unchanged target price of 0.05 euros.

The research firm reports that, following the withdrawal of the 3F group, only the Kretinsky/Fimalac/Attestor bid has been submitted.

Attestor, which was initially allied with 3F, has now joined forces with Kretinsky/Fimalac (and may be sued at a later date)', adds the analyst.

Oddo BHF believes that the offer is slightly more favorable to existing shareholders, who are diluted to 0.3% of the capital compared with 0.2% in the previous offer.

In addition, the debt reduction is lower, at E4.7 bn compared with E5.0 bn in the first offer, so that the company will be c. 300 ME more leveraged.

While the new offer is slightly more attractive for shareholders than the first, the dilution will be massive, and the 108 million current shares will be replaced by several tens of billions of new shares after debt restructuring", concludes the analyst.

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