Berggruen cash shell aims for £700m

Nicolas Berggruen, the Paris-born billionaire investor, aims to raise £700m ($1,126m) in a flotation of a cash shell in London in coming weeks, reports the FT. The vehicle, called Justice, is looking for an acquisition worth £1bn to £5bn. It has the backing of Berggruen’s long-time business partner, Martin Franklin. Bill Ackman, the activist investor who heads Pershing Square Capital Management, is also believed to be on board. Berggruen has used cash shells in the past but this will be his first to list in London. The German-US national built his fortune buying stakes in companies such as Karstadt, the German retailer, and Prisa, the Spanish media conglomerate. Justice will be his third cash shell. His first, Freedom Acquisitions, invested $1bn in hedge fund GLG Partners in a deal worth $3.4bn in 2007. His second, Liberty Acquisitions, invested £520m in Pearl Insurance in 2009 and €900m in Prisa last year.