The U.S. shell company was set up to mount a bid for Kingston Communications.

The firm began with his purchase of a shell company, Wire and Plastic Products, with money borrowed against shares in Saatchi &Saatchi, the advertising agency where he was finance director.

France's CMA CGM, the world's third-largest container shipping line, is to take its first step on to public equity markets by merging its Global Ship Lease arm with a listed shell company.