  We show that very large negative magnetoresistance can be obtained in
magnetic trilayers in a current-in-plane geometry owing to the existence of
crossed Andreev reflection. This spin-valve consists of a thin superconducting
film sandwiched between two ferromagnetic layers whose magnetization is allowed
to be either parallelly or antiparallelly aligned. For a suitable choice of
structure parameters and nearly fully spin-polarized ferromagnets the
magnetoresistance can exceed -80%. Our results are relevant for the design and
implementation of spintronic devices exploiting ferromagnet-superconductor
structures.
