Posted on Apr 15, 2021 at 7:16 amUpdated Apr 15, 2021, 9:54 AM
Less risk appetite, more demanding regulations, fewer stars in finance… The PSPCs, these listed companies dedicated to acquisitions, remain few in Europe. While in the first quarter they raised $ 97 billion with nearly 300 Wall Street listings, only four of those empty shells have been listed on an Old Continent Stock Exchange since the start of the year.
“The ripple effect of the United States is real, but it is true that the number of operations in Europe is less important than expected”, recognizes Fabian de Smet, responsible for the European activity of the investment bank Berenberg. At issue: the more careful attitude of European regulators but also a lower risk appetite of institutional investors. “The European regulators are more careful a priori whereas in the United States the SEC has decided to resolve the dysfunctions only after the fact”, explains Axel Botte, strategist at Ostrum AM.
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