  Crossed conductance in hybrid Ferromagnet / Superconductor / Ferromagnet
(FSF) structures results from the competition between normal transmission and
Andreev reflection channels. Crossed Andreev reflection (CAR) and elastic
cotunneling (EC) between the ferromagnets are dressed by local Andreev
reflections, which play an important role for transparent enough interfaces and
intermediate spin polarizations. This modifies the simple result previously
obtained at lowest order, and can explain the sign of the crossed resistances
in a recent experiment [D. Beckmann {\sl et al.}, cond-mat/0404360]. This holds
both in the multiterminal hybrid structure model (where phase averaging over
the Fermi oscillations is introduced ``by hand'' within the approximation of a
single non local process) and for infinite planar interfaces (where phase
averaging naturally results in the microscopic solution with multiple non local
processes).
