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.