  Motivated by recent structural data questioning the adequacy of the charge
order (CO)/disorder picture for the Verwey transition (at T=T_V) in magnetite,
we re-investigate this issue within a new theoretical picture. Using the
state-of-the-art LDA+DMFT method, we show that the non-trivial interplay
between the B-site octahedral distortions and strong, multi-orbital electronic
correlations in the half-metallic state is a necessary ingredient for a proper
quantitative understanding of the physical responses across T_V. While weak CO
is found to have very small effects on the low-T spectral function, the low-T
charge gap and the resistivity jump across T_V are quantitatively reproduced
only upon inclusion of CO in LSDA+DMFT scheme. Our results strongly suggest
that the Verwey transition is dominantly driven by multi-orbital electronic
correlations with associated JT distortions on the B-sublattice, and
constitutes a non-trivial advance in attempts to understand the physics of
Fe3O4.
