Worries about the reliability of accounting information on US companies has made European corporates shun transatlantic acquisitions, a report has revealed.

Despite a weakness in the US dollar, which should attract European acquirers, M&A advisers and their corporate clients are concerned about a lack of transparency when negotiating with executives of US targets. One European head of investment banking said: "I think Europeans are getting wise to the fact that US businesses regard elaboration of the facts as a natural part of negotiation."