European companies are hoarding more than three times the cash they held a decade ago as the region heads for a second year of recession, putting them at risk of losing out to U.S. rivals boosting acquisitions and investment.

Cash holdings at the 265 European companies in the Stoxx Europe 600 Index, excluding banks and insurers, to have reported 2012 results totalled $475 billion at the end of last year, according to data compiled by Bloomberg. That compares with $136 billion in 2002 and is 14 percent more than in 2011. Siemens AG, Vodafone Group Plc and Total SA are among nine companies that each held more than $10 billion.

“Many European companies are taking a conservative view with respect to their capital structure and keeping meaningful cash positions,” said Francois-Xavier de Mallmann, head of European investment banking services at Goldman Sachs Group Inc. in London. “They find it challenging to predict the combined impact of higher unemployment, higher taxes and lower public spending on consumer demand and on their top line.”