European mergers and acquisitions bankers and lawyers are concerned about plans by the US to get all large acquisitions by non-US companies approved by its Committee on Foreign Investment (CFIUS).

Reports that draft legislation has been drawn up suggest that CFIUS - chaired by the US Treasury Department, and regarded as very secretive - would have to clear acquisitions worth more than $100m (€114m). The idea is to ensure that acquisitions by non-US companies do not endanger US security, and comes as the US steps up security efforts after the terrorist attacks of September 11.