$3bn Ackman Spac shows European ECM way to seize post-Covid opportunities

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$3bn Ackman Spac shows European ECM way to seize post-Covid opportunities

Bill_Ackman_PA_575x375_June25.jpg
William 'Bill' Ackman, founder and CEO of Pershing Square Capital Management LP, testifies before the Senate Special Committee on Aging during a hearing on the pricing practices of Valeant Pharmaceuticals in Washington, D.C. on April 27, 2016. Valeant has drawn criticism for large increases in drug prices and recent scandals into how it sells and distributes it's drugs has caused a nearly 85\% drop in it's stock price. Photo by Kristoffer Tripplaar *** Please Use Credit from Credit Field *** | Kris Tripplaar/SIPA USA/PA Images

As investors search for opportunities in the chaos of the Covid-19 crisis, a gigantic special purpose acquisition company (Spac) from celebrated investor Bill Ackman has captured attention in the US. Spacs enable fund managers to raise capital to take minority investments in private companies. In the wake of the pandemic, equity market participants in Europe are wondering whether similar deals will emerge, writes Sam Kerr.

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