Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The group is saddled with net debt of 6.4 billion euros ($7.1 billion) and is teetering on the brink of default. "Today, after months of work, 3F has decided to not submit an offer," 3F said in a statement. Along with Marc Ladreit de Lacharrière’s Fimalac, he would inject 1.2 billion euros ($1.35 billion) in equity to take a 53% stake in France's sixth-largest retailer. The bidders would also convert 4.9 billion euros of debt into equity.

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Persons: Daniel Kretinsky, Kretinsky, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, 3F's, Marc Ladreit de, Fimalac, Casino, John Irish, David Holmes, Emelia Organizations: Casino, 3F, Attestor, Financial, Global Commerce, Financial Times, Thomson Locations: Czech, France's, Casino