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Financiers to list cash shell on Euronext

Shares in a new cash shell are to be listed on Euronext early next month with the aim of buying into a European company worth between €3bn ($4.45bn) and €5bn within two years.

Nicolas Berggruen and Martin Franklin, who completed the biggest takeover by a “blank cheque” acquisition company in the US last year, are seeking to raise €700m for a new European “blank cheque” company called Liberty International.

It will be the biggest “special purpose acquisition company”, or Spac, to be launched in Europe and marks a new phase in the spread of these publicly-listed shells which are designed to raise cash from investors and then identify a business to buy.

read the rest published by FT here:

http://www.ft.com/cms/s/0/d397c716-cf63-11dc-854a-0000779fd2ac.html