The boom of the so-called special purpose acquisition companies (Spacs) in the US has barely caused a ripple in Europe as dealmakers targeting companies in their home markets have tapped US investors for funds.

That changed this week when former UniCredit chief executive Jean Pierre Mustier teamed up with LVMH founder, Bernard Arnault, to launch a special purpose acquisition vehicle focused on financial services firms, raising hopes that the $100bn SPAC boom which has taken Wall Street by storm has finally crossed the pond.