When U.S. companies consider acquisitions in the emerging markets, they're tending to look south of the border. KPMG International's study of U.S. businesses' emerging-markets purchases during the second half of last year found that more than 40% involved Latin American firms.

Of U.S. companies' 116 acquisitions of emerging-markets companies in that period, 48 involved Latin American companies: 21 in Brazil, 17 in Central America and the Caribbean and 10 elsewhere in South America. KPMG cites the healthy growth in Latin America, as well as its natural resources and growing consumer spending.

Other popular places to shop include India, where U.S. companies made 16 acquisitions in the second half of 2010, China (15), South and East Asia (10) and Russia (10).

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KPMG also cites a pick-up in deals in which one emerging-markets company acquires some portion of another emerging-markets company. There were 132 emerging-to-emerging deals in the second half of 2010, up from 118 in the first half.

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